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Ginvold Co. began operating a subsidiary in a foreign country on January I. 2013 by acquiring all of the common stock for 50.000 Stickle*, the

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Ginvold Co. began operating a subsidiary in a foreign country on January I. 2013 by acquiring all of the common stock for 50.000 Stickle*, the local currency. This subsidiary immediate]) borrowed 120.000 on a five-year note with ten percent interest payable annually beginning on January 1.2014. A building was then purchased for 170.000 on January 1.2013. This property tad a ten-year anticipated life and no salvage value and was to be depreciated using the straight-lira* method. The building was immediately rented for three years to a group of local doctors for 6.000 per month. By year-end, payments totaling 60.000 had been received. On October I, 5.000 were paid for a repair made on that date and it was the only transaction of this kind for the year. A cash dividend of 6.000 was transferred back U> Ginvold on December 31.2013. The functional currency for the subsidiary was the Stickle () Currency exchange rates were as follows: Prepare a balance sheet for this subsidiary in stickles and then translate the amount into U.S. dollars

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