Mary Corporation, a U.S. corporation, formed a British subsidiary on January 1, 2019 by investing 550,000 British pounds () in exchange for all of the subsidiary's no-par common stock. The British subsidiary, Tony Corporation, purchased real property on April 1, 2019 at a cost of 500,000, with 100,000 allocated to land and 400,000 allocated to the building. The building is depreciated over a 40-year estimated useful life on a straight-line basis with no salvage value. The U.S. dollar is Tony's functional currency, but it keeps its records in pounds. The British economy does not experience high rates of inflation. Exchange rates for the pound on various dates are:

January 01, 2019 = 1 = $1.61

April 01, 2019 = 1 = $1.62

December 31, 2019 = 1 = $1.66

2019 average rate = 1 = $1.64

Tony's adjusted trial balance is presented below for the year ended December 31, 2019.

In Pounds

Debits:

Cash 100,000

Accounts receivable 36,000

Notes receivable 49,500

Building 200,000

Land 50,000

Depreciation expense 3,750

Other expenses 57,500

Salary expense 104,000

Total debits 600,750

Credits

Accumulated depreciation 3,750

Accounts payable 50,000

Common stock 275,000

Retained earnings 0

Equity adjustment 0

Sales revenue 272,000

Total credits 600,750

Instructions:

Compute the amount of notes receivable using remeasurement working paper.
Calculate the amount of credit/debit differential under temporal method.
Compute the amount of cash using remeasurement working paper
Compute the amount of depreciation expense using remeasurement working paper.
Compute the amount of total assets using remeasurement working paper.
Compute the amount of building using remeasurement working paper.
Compute the amount of net income under temporal method.
Compute the amount of accounts receivable using remeasurement working paper.