A wholly owned subsidiary of a U.S. parent company has certain accounts for the year ended December 31, 2020, stated in local currency units (Euro) as follows: Land, purchased March 1, 2017 Equipment, purchased February 1, 2018 Depreciation expense on equipment Bad debt expense Utilities expense The exchange rates at various dates are as follows: Euro 1,000,000 4,000,000 375,000 250,000 625,000 March 1, 2017 February 1, 2018 December 31, 2020 Average for year ended December 31, 2020 U.S. Dollar equivalent Euro $.053 0.40 0.50 0.55 Assume that the U.S. dollar is the subsidiary's functional currency and that the charges to the expense accounts occurred approximately evenly during the year. What total dollar amount should be included in the translated income statement to reflect expenses? Answer: 687500 x The correct answer is: 631250