2+ .- - P KAA. BE CcDdEe CcDdEe CcDdEe CcDde Emphasis T Heading 1 T Heading 2 1 Headin Paragraph St Question 1 Alexander Corporation (a US - based company) acquired 100 percent of a Japanese company for 8.2 million Japanese Yen on January 20, 2018. At the date of acquisition, the exchange rate was $0.007 per a Japanese Yen. The acquisition price is attributable to the following assets and liabilities denominated in Japanese Yens: Cash 1,000,000 Inventory 2.000.000 Fixed assets 7,000,000 Notes payable (1.800,000) At the year-end (December 31, 2018), the trail balance of the Japanese's subsidiary shows the following in Japanese Yens (the functional currency): Total Current Assets 5.500.000 Total Current Liabilities 3,000,000 Total Fixed Assets 8.000.000 Total Long Term Liabilities *1.000.000 Total Revenues 6.800.000 Total Expenses 4.000.000 Cash Dividends 1.500.000 (Declared and paid on 31/12/2018) The following exchange rates are reported: **Average exchange rate for year 2018 was $0.0075 per a Japanese Yen **Exchange rate at December 31. 2018 was $0.0074 per a Japanese Yen. Required: Prepare the translated financial statements at December 31. 2018