ne leit Question 1 Not yet answered Marked out of 12.00 Flag question 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 1E = $1.61 $1.62 = 1 = January 01, 2019 April 01, 2019 December 31, 2019 = 2019 average rate 1E = $1.66 1 = $1.64 Tony's adjusted trial balance is presented below for the year ended December 31, 2019 In Pounds In Pounds Debits Cash Accounts receivable Notes receivable Building Land Depreciation expense Other expenses Salary expense Total debits Credits Accumulated depreciation Accounts payable Common stock Retained earnings Equity adjustment Sales revenue E 100,000 36,000 49.500 200,000 50,000 3,750 57,500 104.000 600.750 3.750 50,000 275,000 0 0 272,000 600,750 Total credits Instructions: Choose.. Choose Choose Compute the amount of accounts receivable using remeasurement working paper. Compute the amount of total assets using remeasurement working paper. Compute the amount of notes receivable using remeasurement working paper. Calculate the amount of credit/debit differential under temporal method. Compute the amount of building using remeasurement working paper Choose Choose Choose. Compute the amount of net income under temporal method. Choose Compute the amount of cash using remeasurement working paper Compute the amount of depreciation expense using remeasurement working paper. Choose