A subsidiary of Reynolds Incorporated, 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, 2021, for 250,000. Depreciation expense associated with Equipment A was 25,000 per year. On January 1, 2023, 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, 2021 1 = $ 1.20 December 31, 2021 1 = $ 1.14 2021 Average 1 = $ 1.18 January 1, 2022 1 = $ 1.15 December 31, 2022 1 = $ 1.21 2022 Average 1 = $ 1.18 January 1, 2023 1 = $ 1.26 December 31, 2023 1 = $ 1.30 2023 Average 1 = $ 1.28

What amount would have been reported for total equipment owned by the subsidiary in Reynoldss consolidated balance sheet at December 31, 2021?

Multiple Choice

$285,000

$300,000

$456,000

$295,000

$472,000