CAN SOMEONE HELP ME W/ THIS FOREIGN STATEMENT PROBLEM? tthe value of cash is not presented in the problem? can it be done without it? the question being asked is under thhe required part on page 2

MacBook Air PROBLEM 1 (AICPA Adapted): On January 1 9X5, the Franklin Company formed a foreign sub- sidiary which issued all currently outstanding common stock on that Selected captions from the balance sheets, all of which are shown in local currency units OLCU, are as follows: December 3 9X5 9X6 Accounts receivablo (net of allowance for uncollectible accounts of 2,200 LCU at December 31, 19X6 and 2,000 LCU 35,000 LCU 40,000 LCU at December 31, 19X5) 75,000 Inventories, at cost Property, plant and equipment (net allowance for accumulated depreciation of 31,000 LCU at December 31, 19X6 and 14.000 LCU 63,000 at December 31, 19X5) 20,000 100.000 Long-term debt Common stock, authorized 10,000 shares par value 10 LCU per share, issued and outstanding 5,000 shares at December 31, 50,000 50,000 19X6 and December 31, 19X5 Additional information is as follows: "Exchange rates are as follows: 2 LCU to $1 January 1, 19X5 July 31, 19X5 August 1, 19X5-October 31, 19X5 1.8 LCU to November 1, 19X5-June 30, 19X6 1.7 LCU to $1 July 1, 19X6-December 31, 19X6 1.5 LCU to $1 Average monthly rate for 19X5 1.9 LCU to $1 Average monthly rate for 19X6 1.6 LCU to $1 "An analysis of the accounts receivable balance is as follows: 19X6 Accounts receivable: 19X5 37,000 LCU Balance at beginning of year LCU Sales (36,000 LCU per month in 19X6 432,000 and 31,000 LCU per month in 19X5) 372,000 (423,600) (334,000) ollections Write-offs (May 19X6 and December 19X5) 3,2 1,000 alance at end of year 42,200 LCU 37,000 LCU owance for uncollectible accounts: 19X6 19X5 lance at beginning of year 2,000 LCU LCU ovision for uncollectible accounts 3,400 3,000 ite-offs (May 19X6 and December 19X5) 3,200 1.000 ance at end of year 2,200 LCU 2,000 LCU Problem 1, Page 1