* Kingsfield establishes a subsidiary operation in a foreign country on January 1, 2020 The country's currency is the rial (R). To start this business, Kingsfield Invests 10,000 rials. Of this amount, it spends 3,000 rials immediately to acquire equipment Later, on April 1, 2020, It also purchases land. All subsidiary operational activities occur at an even rate throughout the year Kingsfield uses the US dollar as Its reporting currency. The U.S. dollar ($) exchange rates for the rial for 2020 follow. January 1 $1.71 April 1 1.59 June 1 1.66 Weighted average 1.64 December 31 1.62 As of December 31, 2020, the subsidiary reports the following trial balance ences Cash Debits Credits R 8,000 Accounts receivable Equipment Accumulated depreciation Land Accounts payable 9,000 3,000 R 600 5,000 3,000 Notes payable (due 2028) 5,000 Common stock 10,000 Dividends declared (6/1/20) 4,000 Sales 25,000 Salary expense. 5,000 Depreciation expense 600 Miscellaneous expenses Totals 9,000 K 43,600 R 43,600 a. Assume that the subsidiary's functional currency is the rial (R). Prepare a trial balance for it in US dollars so that 2020 consolidated financial statements can be prepared. b. Assume that the subsidiary's functional currency is the US dollar Prepare a trial balance for it in U.S. dollars so that 2020 consolidated financial statements can be prepared Complete this question by entering your answers in the tabs below. Required A Required B a. Assume that the subsidiary's functional currency is the rial (R). Prepare a trial balance for it in US dollars so that 2020 consolidate financial statements can be prepared. b. Assume that the subsidiary's functional currency is the U.S. dollar. Prepare a trial balance for it in U.S. dollars so that 2020 consolidated financial statements can be prepared. Complete this question by entering your answers in the tabs below. Required A Required B Assume that the subsidiary's functional currency is the U.S. dollar. Prepare a trial balance for it in U.S. dollars so that 2020 consolidated financial 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 Remeasurement loss Debits