1. A US company invested $30,000 in a newly created Chinese subsidiary which must be consolidated in the financial statements of the US company. The $30,000 was used to purchase land for a future building site. At that time, one Chinese Yuan was worth approximately $0.14. One year later, as of the US companys balance sheet date, the Chinese Yuan was worth $0.15 and therefore the land was now worth approximately $32,143. Select one of the two values for reporting land in parent companys financial statements and defend your position. What figure is actually the fairest representation of the asset? What figure is the best conveyor of information to an outside party