LAKERS Co. is a wholly-owned subsidiary of LOS AMIGOS Incorporated a publicly-listed Philippine company. LAKERS Co. is duly-registered and operating in Guam, a territory of the United States of America, which started its operations on January 1, 2017. As a wholly-owned subsidiary, LOS AMIGOS is required to include the results of operations and financial position of CLEVELAND in its consolidated financial statements. As an expert in accounting for foreign operations, the management of LOS AMIGOS has tasked you to help them in the translation of the financial statements of LAKERS Co. in preparation of their consolidated financial statements for the year ended December 31, 2017.

LAKERS CO.

Statement of Financial Position

December 31, 2017

In US Dollars

Cash 400

Accounts Receivable, net 600

Inventory 2,200

Land 1,600

Building and Equipment, net 3,200

Total Assets 8,000

Accounts Payable 800

Other Liabilities 1,200

Common Stock 4,000

Retained Earnings 2,000

Total Liabilities & Equity 8,000

REQUIRED:Translate the Financial Statement of LAKERS CO. for the year ended December 31, 2019. The exchange rates are as follows:

January 1, 2017 P 49 = $ 1

December 31, 2017 P 50 = $ 1

Weighted Average P 48 = $ 1

LAKERS Co.

Statement of Financial Position

December 31, 2019

In US Dollars In PH Pesos

Cash 400 __________

Accounts Receivable, net 600 __________

Inventory 2,200 __________

Land 1,600 __________

Building and Equipment, net 3,200 __________

Total Assets 8,000 __________

Accounts Payable 800 __________

Other Liabilities 1,200 __________

Common Stock 4,000 __________

Retained Earnings 2,000 __________

Translation Adjustment - __________

Total Liabilities & Equity 8,000 __________