Alamo Inc. purchased 80 percent of the outstanding stock of Western Ranching Company, located in Australia, on January 1, 20X3. The purchase price in Australian dollars (A$) was A$200,000, and A$40,000 of the differential was allocated to plant and equipment, which is amortized over a 10-year period. The remainder of the differential was attributable to a patent. Alamo Inc. amortizes the patent over 10 years Western Ranching's trial balance on December 31, 20X3, in Australian dollars is as follows: Credits Debits Cash A$ 44,100 Accounts Receivable (net) 72,000 Inventory 86,000 Plant & Equipment 240,000 Accumulated Depreciation A$ 60,000 Accounts Payable 53,800 Payable to Alamo Inc 10,800 Interest Payable 3,000 12% Bonds Payable 00,000 Premium on Bonds 5,700 Common Stock 0,000 Retained Earnings 0,000 Sales 579,000 330,000 Cost of Goods Sold Depreciation Expense 24,000 131,500 Operating Expenses Interest Expense 5,700 Dividends Paid 9,000 Total A$ 942,300 A$ 942,300 Additional Information: 1. Western Ranching uses average cost for cost of goods sold. Inventory increased by A$20,000 during the year. Purchases were made uniformly during 20X3. The ending inventory was acquired at the average exchange rate for the year 2. Plant and equipment were acquired as follows Date Cost January 20X1 A$ 180,000 January 1, 20X3 60,000 3. Plant and equipment are depreciated using the straight-line method and a 10-year life with no residual value 4. The payable to Alam o is in Australian dollars. Alamo's books show a receivable from Western Ranching of $6,480 5. The 10-year bonds were issued on July 1, 20X3, for A$106,000. The premium is amortized on a straight-line basis. The interest is paid on April 1 and October 1 e dividends were declared and paid on April 1 7. Exchange rates were as follows