Excalibur Corp, a U.S. corporation, is having difficulty determining the amounts to record as U.S. dollar equivalents with respect to certain assets reported by its foreign subsidiary, Merlin & Company, a Welsh corporation, at December 31, 2021. Because Merlin primarily does business with companies in the United States and has a significant amount of transactions with Excalibur, its functional currency is the U.S. dollar. In an effort to assess which U.S. dollar equivalent should be used for financial reporting by Excalibur, management has converted the assets reported by Merlin to their U.S. dollar equivalent using both the current foreign currency conversion rate as well as the historical rates associated with each individual account. Restated at Historical Current Rates Rates Cash 47,500$ 45,000 Accounts receivable 95,000 90,000 Marketable securities, at fair value 76,000 72,000 Land 57,000 54,000 Equipment (net) 142,500135,000 Total 418,000$ 396,000

As the manager in charge of financial reporting, you have been asked to provide the total US dollar amount that should be included in recording the above assets on the financial records of Excalibur as of December 31, 2021?

a. $418,000

b. $407,500

c. $398,500

d. $396,000

e. $403,500