Aguilar Company establishes a subsidiary operation in a foreign country on January $1,2024.$ The country$$s currency is the rial $($R$).$ To start this business, Aguilar invests $10,000$ rials. Of this amount, it spends $3,000$ rials immediately to acquire equipment. Later, on April $1,2024,$ it also purchases land. All subsidiary operational activities occur at an even rate throughout the year. Aguilar uses the U$.$S$.$ dollar as its reporting currency. The U$.$S$.$ dollar $($$$)$ exchange rates for the rial for $2024$ follow:

January $1$ $ $1\mathrm{.}71$

April $11\mathrm{.}59$

June $11\mathrm{.}66$

Weighted average $1\mathrm{.}64$

December $311\mathrm{.}62$

As of December $31,2024,$ the subsidiary reports the following trial balance:

Debits Credits

Cash R $8,000$

Accounts receivable $9,000$

Equipment $3,000$

Accumulated depreciation R $600$

Land $5,000$

Accounts payable $3,000$

Notes payable $($due $2032)5,000$

Common stock $10,000$

Dividends declared $(6/1/24)4,000$

Sales $25,000$

Salary expense $5,000$

Depreciation expense $600$

Miscellaneous expenses $9,000$

Totals R $43,600$ R $43,600$

Required:

Assume that the subsidiary$$s functional currency is the rial $($R$).$ Prepare a trial balance for it in U$.$S$.$ dollars so that $2024$ consolidated financial statements can be prepared.

Assume that the subsidiary$$s functional currency is the U$.$S$.$ dollar. Prepare a trial balance for it in U$.$S$.$ dollars so that $2024$ consolidated financial statements can be prepared.