is the foreign currency balance sheet for f The tollow 31, 2006 (use for questions 4 and 3) Cash 00,000 30,000 Fixed Assets Liabilities Common Stock Retained Eamings The following FX rates were in effect at December 31: Current (Spot) rate: 1 US- 40 FC 60,000 20,000 50,000 Historical rate: 1 US .30 FC 1 US- .25 FC Forward rate: 4 Assume the US dollar is the functional currency: What is US dollar value of Cash at Dec 31 What is the US dollar value of Fixed Assets at Dec 31 Where is the FX remeasurement gain or loss under the temporal method at Dec 31 reported ssume the FC is the functional currency What is the US dollar value of Cash at Dec 31 What is the US dollar value of Fixed Asset? at Dec 3T 31 reported 6 A foreign operation has the following local inflation rates: Year 1: 10% Year 2: 20% Year 3: 30% Year 4: 10% Year 5:15% What is the applicable cumulative inflation rate that should be used for reporting as of end of year 5. What method will be used for remeasurement or translation of the foreign operation's foreign currency financial statements