Honda Phil. is a subsidiary of Honda Japan. The functional currency of Honda Phil. is peso while the presentation currency of its parent, Honda Japan is yen. for the year ended december 31, 2020, Honda Phil. has the following foreign currency denominated assets: accounts receivable of $1,000 and prepaid asset of $100. The historical rates of accounts receivable and prepaid asset are $1=P30 and $1=P20 and P1=2Yen and P1=4Yen, respectively. The exchange rate on December 31,2020 is $1=40 and P1=3Yen.

1. In the separate statement of financial position of Honda Phil. on december 31, 2020, what is the book value of accounts receivable and prepaid asset, respectively?

a. P30,000 and P2,000

b. P40,000 and P4,000

c. P40,000 and P2,000

d. P30,000 and P4,000

1. Using the same data above, what is the book value of accounts receivable and prepaid asset, respectively, in the consolidated statement of financial position of Honda Japan?

a. Y120,000 and Y6,000

b. Y90,000 and Y4,000

c. Y120,000 and Y8,000

d. Y90,000 and Y24,000