Check my work Kingsfield establishes a subsidiary operation in a foreign country on January 1, 2017. The country's currency is the kumquat (KQ). TO start this business, Kingsfield invests 10,000 kumquats. Of this amount, it spends 3,000 kumquats immediately to acquire equipment. Later, on April 1, 2017, it also purchases land. All subsidiary operational activities occur at an even rate throughout the year. The U.S. dollar ($) exchange rates for the kumquat for 2017 follow. $ 1.71 January 1 April 1 June 1 Weighted average December 31 As of December 31, 2017, the subsidiary reports the following trial Cred Cash Debits KQ8,eee 9, 3.ee Accounts receivable Equipment Accumulated depreciation Land Accounts payable Notes payable (due 2025) 3. Bee Ched 10,080 4, eee Common stock Dividends declared (6/1/17) Sales Salary expense Depreciation expense Miscellaneous expenses Totals 5,000 6ee 9,000 KQ 43,600 KQ 43,600 A corporation based in East Lansing, Michigan, Kingsfield use the US dollar as its reporting currency. a. Assume that the subsidiary's functional currency is the kumquat. Prepare a trial balance for it in US dollars so that 2017 consolidated financial statements can be prepared. b. Assume that the subsidiary's functional currency is the US dollar. Prepare a trial balance for it in U.S. dollars so that 2013 consolidated financial statements can be prepared Complete this question by entering your answers in the tabs below. Required A Required B Assume that the subsidiary's functional currency is the kumquat. Prepare a trial balance for it in U.S. dollars so that 2017 consolidated financial statements can be prepared. Debits Credits Cash Accounts receivable Equipment Accumulated depreciation Land Accounts payable Notes payable Common stock Dividends declared Sales Salary expense Depreciation expense Miscellaneous expense Transaction adiustment Assume that the subsidiary's functional currency is the U.S. dollar. Prepare a trial balance for it in U.S. dollars so that 2017 consolidated financial statements can be prepared. Debits Credits Cash Accounts Receivable Equipment Accumulated Depreciation Land Accounts Payable Notes Payable Common Stock Dividends declared Sales Salary Expense Depreciation Expense Miscellaneous Expense C SONO Remeasurement loss 1 of 2 !! Next >