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At the end of 2 0 2 3 , an Italian subsidiary of a U . S . parent reports 1 , 1 0 0

At the end of 2023, an Italian subsidiary of a U.S. parent reports 1,100,000 in equipment purchased when the exchange rate was $1.24 and 3,200,000 in equipment purchased when the exchange rate was $1.35. The average exchange rate for 2023 is $1.30 and the beginning and ending rates for 2023 are $1.27 and $1.40, respectively. If the Italian subsidiarys functional currency is the euro, the equipment account at the end of 2023, in U.S. dollars, is
Select one:
a. $5,717,000
b. $6,020,000
c. $5,590,000
d. $5,684,000

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