3. A U.S. company acquired a Turkish subsidiary at the beginning of the current year. The subsidiary's trial balances for January 1 and December 31 are presented below, in Turkish lira. Cash, receivables Plant & equipment, net Liabilities Capital stock Retained earnings, January Dividends Sales revenue Operating expenses January Dr (Cr) 40,000 December 31 Dr (Cr) 20,000 400,000 435,000 (175,000) (170,000) (115,000) (115,000) (150,000) (150,000) 15,000 (800,000) 765,000 B Total New plant & equipment of t100,000 was acquired during the year. Operating expenses include b65,000 of depreciation on plant & equipment, of which 10,000 is related to plant & equipment purchased during the year. Exchange rates (U.S.S/B) are as follows: 5,000=35,000 x045, January 1' 6,000-4050-40700 Average for year 24= 36900 4050 Plant & equipment acquired Dividends declared December 31 $0.24 0.25 0.26 0.27 0.30 Assume that the subsidiary's functional currency is the U.S. dollar. What is remeasured net income for the subsidiary for the year? VA) $8,750 BY $6,000 X) $9,200 D) $9,400