Question
a US company owns 80% of interest in a company located on Mars. Martian currency is called The Martian credit during the year the parent
a US company owns 80% of interest in a company located on Mars. Martian currency is called The Martian credit during the year the parent company sold inventory that had a cost of 24500 to the subsidiary on account for 28,500 when the exchange was 0.519 to the subsidiary still held one half of the inventory and had not paid the parent company for purchase at the end of the physical year. The unsettled account is denominated in dollars. Exchange rate at the fiscal year-end was $0.4994. Compute the amounts that would be reported for the inventory and accounts payable in the subsidiary's translated balance sheet. The entity's functional currency is the Martian Credit
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