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 23800 to the subsidiary on account for 29000 when the exchange was 0.5192 to the subsidiary still held one half of the inventory and had not paid the parent company for The purchase at the end of the fiscal year. The unsettled account is denominated in dollars the exchange rate for the fiscal year was 0.4994.

Compute the amounts that would be reported for inventory and accounts payable in the subsidiary's translated balance sheet. The entity's functional currency is the Martain credit

Inventory:

Accounts Payable:

Compute the subsidiary's transaction gain or loss on the accounts payable denominated in dollars