A subsidiary of Reynolds Inc., a U.S. company, was located in a foreign country. The local currency of this subsidiary was the Euro () while the functional currency of this subsidiary was the U.S. dollar. The subsidiary acquired Equipment A on January 1, 2018, for 250,000. Depreciation expense associated with Equipment A was 25,000 per year. On January 1, 2020, the subsidiary acquired Equipment B for 150,000 and Equipment B had associated depreciation expense of 10,000. The subsidiary owned no other depreciable assets. Currency exchange rates between the U.S. dollar and the Euro were as follows: January 1, 2018 December 31, 2018 2018 Average January 1, 2019 December 31, 2019 2019 Average January 1, 2020 December 31, 2020 2020 Average C1 = $1.20 1 $1.14 1 = $1.18 1 - $1.15 1 - $1.21 1 = $1.18 1 - $1.26 1 - $1.30 1. $1.28 What amount would have been reported for depreciation expense related to the equipment owned by the subsidiary in Reynolds's consolidated balance sheet at December 31, 2018? Multiple Choice $29,500 $28.500 $30.000 $28.500 $30.000 $12.000 $11.800