Charleston Corporation operates a branch operation in a foreign country. Although this branch operates in euros, the U.S. dollar is its functional currency. Thus, a remeasurement is necessary to produce financial information for external reporting purposes. The branch began the year with 495,000 euros in cash and no other assets or liabilities. However, the branch immediately used 328,000 euros to acquire a warehouse. On May 1, it purchased inventory costing 130,000 euros for cash that it sold on July 1 for 162,000 euros cash. The branch transferred 14,000 euros to the parent on October 1 and recorded depreciation on the warehouse of 18,000 euros for the year. Currency exchange rates for 1 euro follow: