Board Company has a foreign subsidiary that began operations at the start of 2015 with assets of 132.000 kites {the local currency unit) and liabilities of 54,000 kites. During this initial year of operation, the subsidiary reported a profit of 26,000 kites. It distributed two dividends. each for 5.000 kites with one dividend declared on March 1 and the other on October 1. Applicable exchange rates for 1 kite follow: January 1, 2015 (start of business) $ 0.80 March 1, 2015 0.?3 Weighted average rate for 2015 0.77