On January 1, 2024, a U.S. company purchased 100% of the outstanding stock of Ivanhoe Grains, a company located in Latz City, New Zealand. Ivanhoe Grains was organized on January 1, 2005. All the property, plant, and equipment held on January 1, 2024, was acquired when the company was organized. The business combination was accounted for as a purchase transaction. The 2024 financial statements for Ivanhoe Grains. nrenared in its local currencv. the New Zealand dollar, are given here. 2. Ivanhoe Grains purchased additional equipment for 101,000 New Zealand dollars on July 1,2024 , by issuing a note for 89,000New Zealand dollars and paying the balance in cash. 3. Sales were made and purchases and "Other Expenses" were incurred evenly throughout the year. 4. Depreciation for the period in New Zealand dollars was computed as follows: 5. The inventory is valued on a FIFO basis. The beginning inventory was acquired when the exchange rate was $0.7480. The ending inventory was acquired during the last four months of 2024. 6. Dividends of 59,000 New Zealand dollars were paid on July 1 and December 31. Long-Term Notes Purchased before 1/1 Purchased 7/1 Common Stock Additional Paid-in Capital Purchased before 1/1 Totals Totals Totals New Zealand \$ Translation Rate Consolidated Income and Retained Earnings Statement Total Revenues Cost of Goods Sold Inventory - 1/1 Purchases Balance Sheet Short-Term Accounts and Notes Long-Term Notes $ .8011 .5813 .7924 .7412 The account balances are computed in conformity with U.S. generally accepted accounting standards. Other information is as follows: 1. Direct exchange rates for the New Zealand dollar on various dates were: On January 1, 2024, a U.S. company purchased 100% of the outstanding stock of Ivanhoe Grains, a company located in Latz City, New Zealand. Ivanhoe Grains was organized on January 1, 2005. All the property, plant, and equipment held on January 1, 2024, was acquired when the company was organized. The business combination was accounted for as a purchase transaction. The 2024 financial statements for Ivanhoe Grains. nrenared in its local currencv. the New Zealand dollar, are given here. 2. Ivanhoe Grains purchased additional equipment for 101,000 New Zealand dollars on July 1,2024 , by issuing a note for 89,000New Zealand dollars and paying the balance in cash. 3. Sales were made and purchases and "Other Expenses" were incurred evenly throughout the year. 4. Depreciation for the period in New Zealand dollars was computed as follows: 5. The inventory is valued on a FIFO basis. The beginning inventory was acquired when the exchange rate was $0.7480. The ending inventory was acquired during the last four months of 2024. 6. Dividends of 59,000 New Zealand dollars were paid on July 1 and December 31. Long-Term Notes Purchased before 1/1 Purchased 7/1 Common Stock Additional Paid-in Capital Purchased before 1/1 Totals Totals Totals New Zealand \$ Translation Rate Consolidated Income and Retained Earnings Statement Total Revenues Cost of Goods Sold Inventory - 1/1 Purchases Balance Sheet Short-Term Accounts and Notes Long-Term Notes $ .8011 .5813 .7924 .7412 The account balances are computed in conformity with U.S. generally accepted accounting standards. Other information is as follows: 1. Direct exchange rates for the New Zealand dollar on various dates were