Hi Vjvgoe,

Are you able to help me with this problem? I'm not entirely complete with this problem.

:1. Assume that the subsidiary's functional currency is the kun'iquaL Prepare a trial balance for it in U.S. dollars so that consolidated nancial statements can be prepared. Cash Accounts receivable Equipment Accumulated depreciation Land Accounts payable Notes payable Common stock Dividends declared Sales Salary expense Depreciation expense Miscellaneous expense Transaction adjustment b. Assume that the subsidiary's functional currencyI is the US. dollar. Prepare a trial balance for it in U.S. dollars so that consolidated nancial statements can be prepared. Cash b. Assume that the subsidiary's functional currency is the US. dollar. Prepare a trial balance for it in U.S. dollars so that consolidated nancial statements can be prepared. Cash Accounts Receivable Equipment Accumulated Depreciation Land Accounts Payable Notes Payable Common Stock Dividends declared Sales Salary Expense Depreciation Expense Miscellaneous Expense Re measurement loss Problem 10-32 (LO10-3, 104) Kingseld starts a subsidiary operation in a foreign country on January 1, 2015. The country's currencyr is the kumquat (KO). To start this business, Kingseld invests 10,000 kumquats. Of this amount. i tspends 3.000 kumquats immediately to acquire equipment. Later, on April 1, 2015, it also purchases land. All subsidiaryr operational activities occur at an even rate throughout the year The cun'ency exchange rates for the kumquat for this year follow: January 1, 2015 $1.71 April 1. 2015 1.59 June 1, 2015 1.66 Weighted average201 5 1.64 December 31. 2015 1.62 As of December 31, 2015. the subsidiary reports the following trial balance: Debits Credits Cash KQ 8,000 Accounts receivable 9.000 Equipment 3,000 Accumulated depreciation KO 600 Land 5,000 Accounts payable 3.000 Notes payable (due 2010) 5.000 Common stock 10.000 Dividends declared (6i1i15) 4,000 Sales 25.000 Salary expense 5,000 Depreciation expense 600 Miscellaneous expenses $3,000 Totals K0 40,600 KO 43.600 A corporation based in East Lansing. Michigan, Kingseld uses the U.S. dollar as its reporting currency. a. Assume that the subsidiary's functional currency is the kumquat. Prepare a trial balance for it in U.S. dollars so that consolidated nancial statements can be prepared