Bell Inc., a U.S. manufacturer has Ping Corporation, a Chinese affiliate. Ping Corporation has the Statement of Financial Position as shown below. Statement of Financial Position of Ping Corporation (000's) Assets Liabilities Cash & Bank CNY20,000 Trade Payable CNY84,000 Trade Receivable 56,000 Long-term debt 108,000 Inventories* (cost=24000) 88,000 Stockholders' equity (SE) 128,000 PP&E net 156,000 Total assets CNY320,000 Total liabilities and SE CNY320,000 Inventories are carried at the lower of cost or market. The current exchange rate is $.0.15 = CNY1. Required: (a) Translate the Chinese dollar Statement of Financial Position of Ping Corporation into U.S. dollars at the current exchange rate of $.0.15 = CNY1. All monetary accounts in Ping's Statement of Financial Position are denominated in Chinese yuan. (4 marks) (b) Assume the Chinese yuan is revalued from $0.15 = CNY1 to $0.1875 = CNY1. What would the accounting exposure and translation effect if Ping's Statement of Financial Position is translated by the current-noncurrent method AND by the monetary- nonmonetary method? (8 marks) (c) Assume instead that the Chinese yuan weakens from $0.15 = CNY1 to $0.1125 = CNY1. What would be the accounting exposure and translation effect under each of the two translation methods? (8 marks)