Foreign Currency Translation US. Multi Company established a foreign subsidiary, called EorSub Company, on January 1, 2,013. The local currency is the crOwn; on the date the subsidiary was established, the exchange rate was 2 crowns to 1 U.S. dollar. U.S. Multi invested U.S.$6,000 to get things started. In addition, a local loan in the amount of 8,000 crowns, equivalent to U.S.$4,000, was obtained. EorSub used the 20,000 crowns in initial financing to acquire the following assets: (In crowns) 2,000 Cash 4,000 Accounts receivable 6,000 Inventory 8,000 Land 20,000 Total assets Assume that EorSub conducted the following business operations during 2,013: Sales were 100,000 crowns. Expenses totaled 90,000 crowns Dividends paid were 2,000 crowns. a. b. C. The December 31, 2,013, balance sheet differs from the January 1 balance sheet and is as follows: (In crowns) 3.000 Cash 6.000 Accounts receivable 11.000 Inventory 8.000 Land 28.000 Total assets Assume the following exchange rates End of year 4.0 3.0 Average for the year 3.5 Rate when dividends were paid Omments Header & Footer 1. Prepare a translated balance sheet, in U.S. dollars, for EorSub as of December 31, 2,013. Round all amounts to the nearest whole dollar, and enter negative balances as negative amounts. EorSub Company Balance Sheet December 31, 2,013 $ Total assets $ $ Focus