At the end of 2017, an Italian subsidiary of a U.S. parent reports 1,200,000 in equipment purchased when the exchange rate was $1.42, and 2,800,000 in equipment purchased when the exchange rate was $1.48. The average exchange rate for 2017 is $1.33, and the beginning and ending rates for 2017 are $1.40 and $1.29, respectively. If the Italian subsidiary's functional currency is the U.S. dollar, the equipment account, in U.S. dollars, is $5,500,000 $5,316,000 $5,920,000 $5,848,000 A Save Answers Next >