Kingsfield establishes a subsidiary operation in a foreign country on January 1, 2017. The country's currency is the kumquat (KQ). To start this business, Kingsfield invests 10,000 kumquats. Of this amount, it spends 3,000 kumquats immediately to acquire equipment. Later, on April 1, 2017, it also purchases land. All subsidiary operational activities occur at an even rate throughout the year. The U.S. dollar ($) exchange rates for the kumquat for 2017 follow January 1 April 1 1.71 1.59 June 1 1.66 Weighted average 1.64 December 31 1.62 As of December 31, 2017, the subsidiary reports the following trial balance: Debits Credits Cash KQ 8,000 Accounts receivable Equipment Accumulated depreciation 9,000 3,000 600 Land 5,000 Accounts payable Notes payable (due 2025) 3,000 5,000 10,000 Common stock Dividends declared 6/1/17) 4,000 Sales Salary expense Depreciation expense Miscellaneous expenses 25,000 5,000 600 9,000 KQ 43,600 Totals KQ 43,600 A corporation based in East Lansing, Michigan, Kingsfield uses the U.S. dollar as its reporting currency. a. Assume that the subsidiary's functional currency is the kumquat. Prepare a trial balance for it in U.S. dollars so that 2017 consolidated financial statements can be prepared. b. Assume that the subsidiary's functional currency is the U.S. dollar. Prepare a trial balance for it in U.S. dollars so that 2017 consolidated financial statements can be prepared. Complete this question by entering your answers in the tabs below. Required A Required B Assume that the subsidiary's functional currency is the kumquat. Prepare a trial balance for it in U.S. dollars so that 2017 consolidated financial statements can be prepared Debits Credits Cash Accounts receivable Equipment Accumulated depreciation Land Accounts payable Notes payable Common stock Dividends declared Sales Salary expense Depreciation expense Miscellaneous expense 0$ 0 Transaction adjustment 0 0 EA Assume that the subsidiary's functional currency is the U.S. dollar. Prepare a trial balance for it in U.S. dollars so that 2017 consolidated financial statements can be prepared Debits Credits Cash Accounts Receivable Equipment Accumulated Depreciation Land Accounts Payable Notes Payable Common Stock Dividends declared Sales Salary Expense Depreciation Expense Miscellaneous Expense C C Remeasurement loss $ C C