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Chapter 8 Case Rushville Corporation, a U.S.-based company, acquired a 100% interest in Guilin Company in China, on January 1, 2016, when the exchange rate for Chinese RMB was $0.200. The financial statements of Guilin Company as of December 31, 2017, are as follows: Balance Sheet December 31, 2017 Assets Cash RM B Accounts receivable (net) Inventory (at cost) Equipment Less: Accumulated depreciation Building Less: Accumulated depreciation Land Total assets Liabilities and shareholders' equity Accounts payable Long-term debt Common stock Additional paid-in-capital Retained earnings Total liabilities and shareholders' equity RM B RM B RM B 1,000,000 1,500,000 4,500,000 13,000,000 (4,500,000) 40,000,000 (8,500,000) 15,000,000 62,000,000 2,500,000 25,000,000 3,000,000 26,000,000 5,500,000 62,000,000 Statement of Income and Retained Earnings For the Year Ending December 31, 2017 Sales Cost of goods sold Depreciation expense - equipment Depreciation expense - buildings Other operating expenses (including taxes) Net income Plus: Retained earnings, 1/1/2017 Less: Dividends, 2017 Retained earnings, 12/31/2017 RM B RM B RM B 17,500,000 (7,500,000) (2,200,000) (1,300,000) (4,300,000) 2,200,000 2,250,000 (750,000) 3,700,000 Additional information: 1. The 1/1/2017 beginning inventory of RMB3,000,000 was acquired when the exchange rate was $0.195. Purchases of inventory during 2017 were acquired evenly throughout the year. 12/31/2017 ending inventory of RMB4,500,000 was acquired when the exchange rate was $0.157. 2. All fixed assets were on the books when the subsidiary was acquired except for RMB3,000,000 of equipment which was acquired on 1/1/2017 when the exchange rate was $0.165 and RMB6,000,000 in buildings which was acquired on 5/1/2017 when the exchange rate was $0.160. Equipment is depreciated on a straight-line basis over 10 years; buildings are depreciated on a straight-line basis over 40 years. A full year's depreciation is taken in the year of acquisition. 3. Dividends were declared and paid on 12/1/2017 when the exchange rate was 0.158. 4. Other exchange rate for 2017 are: 1/1/2017 $0.165 Average for the year $0.160 12/31/2017 $0.155 Required 1. Translate Guilin Company's financial statements into U.S. dollars at 12/31/2017, assuming that RMB is the functional currency. Retained earnings and cumulative translation adjustment appeared in Guilin Company's 12/31/2016 translated balance sheet were $405,000 and $(751,750), respectively. 2. Translate Guilin Company's financial statements into U.S. dollars at 12/31/2017, assuming that U.S. dollar is the functional currency. Retained earnings appeared in Guilin Company's 12/31/2016 translated balance sheet was $1,205,750