airo Ingot, Ltd., is the Egyptian subsidiary of TransMediterranean Aluminum, a British multinational that fashions automobile engine blocks from aluminum. Trans-Mediterranean's home reporting currency is the British pound. Cairo Ingot's December 31st balance sheet is shown below. At the date of this balance sheet the exchange rate between Egyptian pounds and British pounds sterling was EP4.00/UK. Balance Sheet of Cairo Ingot, Ltd. Egyptian pounds Statement 16,500,000 Assets Cash Accounts receivable Inventory Net plant & equipment Total Liabilities & Net Worth Accounts payable Long-term debt 33,000,000 49,500,000 66,000,000 165,000,000 24,750,000 49,500,000 90,750,000 Invested capital CTA account (loss) 165,000,000 Total