A foreign subsidiary of Chicago Corp. (a U.S. firm) has certain balance sheet accounts on December 31, 2019. The functional currency is the U.S. dollar and currency of record is the peso and the parent's books are kept in U.S. dollars. Information relating to these accounts in U.S. dollars is as follows:

	Using
	Current Rate	Historical Rate
Accounts Receivable	$175,000	$190,000
Inventories	400,000	450,000
Prepaid Insurance	40,000	45,000
Land	30,000	100,000

What amount should be included as total assets on Chicago's balance sheet on December 31, 2019 as the result of the above information?

Select one:

a. $785,000

b. $770,000

c. $765,000

d. $645,000