Assume that TempleCo is a U.S. company with a subsidiary (Subco) in LaLa Land. The subsidiary was acquired on 12/31/14. TempleCo reports its results in U.S. dollars. The currency of LaLa Land is the loca (LC). Subco's financial statements for 2015 are shown below as well as various exchange rates.

The majority of Subco's operational, financial, and investment decisions are made by TempleCo. Due to this, Subco's functional currency and TempleCo's presentation currency are likely the same.

Subco's balance sheet and income statement at December 31 are shown below in loca (LC).

What are Subco's remeasured total assets?

What is Subco's remeasured net income?

What is Subco's remeasured gross margin?

2015 Revenue 5000 Cost of goods sold -3300 Gross margin 1700 Other expenses -400 Depreciation expense -600 Net income 700 The following exchange rates between the U.S. Dollar and the local currency were as follows: Ex: 12/31/14: $.50 = LC 1.00 December 31, 2014 0.5 December 31,2015 0.4545 Average (2015) 0.4762 Historical rate for equity 0.5 Historical rate for PPE& Depn 0.4881 Historical for accumulated depn 0.4896 Historical for COGS 0.4834 Historical for Beginning Inventory 0.52 Historical for ending inventory 0.456 Assume purchases are made evenly throughout the year. 2014 2015 Cash 100 100 Accounts receivable 500 750 Inventory 1000 1200 Current assets 1600 2050 Fixed assets 800 1600 Accumulated depreciation Net fixed assets 700 900 Total assets 2300 2950 Accounts payable 400 600 Current debt 100 200 Long-term debt 1300 950 Total liabilities 1800 1750 Common stock 400 400 Retained earnings* 100 800 Total equity 500 1200 Total liabilities and equity 2300 2950 *Retained Earnings on December 31, 2014, were $50