4 Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2016, the subsidiary had the following balance sheet (amounts are in thousands (000's) 8 10 points NGN 16,420 11,280 Notes payable Common stock NGN 20, 240 Inventory 4,120 Retained earnings Building Accumulated depreciation NGN 52,340 The subsidiary acquired the inventory on August 1, 2016, and the land and building in 2010. It issued the common stock in 2008 During 2017, the following transactions took place: Paid 8,120,000 NGN on the note payable Sold entire inventory for 17,200,000 NGN on account Sold land for 6,120,000 NGN cash Collected all accounts receivable Signed long-term note to receive 8,120,900 NGN cash Bought inventory for 20,120,000 NGN cash Bought land for 3,120,000 NGN on account Declared and paid 3,120,000 NGN cash dividend to parent Recorded depreciation for the entire year of 2,860,000 NGN ces The U.S dollar (S) exchange rates for 1 NGN are as follows NGN 1 $ 0.0060 .0054 0.0074 August 1, 2016 December 31, 2016 February 1, 2017 May 1, 2017 June 1, 2017 August 1, 2017 September 1, 2017 October 1, 2017 November 1, 2017 December 1, 2017 December 31, 2017 Average for 2017 2 - .0080 10.0086 10.0088 10.0094 10.0108 , 0098