On January 1, 20X1, Kiner Company formed a foreign subsidiary that issued all of its currently outstanding common stock on that date Selected accounts from the balance sheets, all of which are shown in local currency units, are as follows: December 31 20x220X1 TOU 38,000 DOU 33,000 67,000 62,000 Nccounts Receivable (net of allowance for uncollectible accounts of 1,800 LCU on December 31, 20x2, and 1,600 LCU on December 31, 20X1) Inventories, at coat Property, Plant Equipoent (net of allowance for accumulated depreciation of 31,100 LOU on December 31, 20x2, and 14,000 LU on December 31, 20XL) Long-Term Debt Common stock, authorized 22,000 shares, par value 10 ICU per share: 13sued and outstanding, 11,000 shares on December 31, 20X2, and December 31, 20X1 159,900 146,000 110,000 130,000 110,000 110,000 Additional Information: 1. Exchange rates are as follows: 6 January 1, 20X1-July 31, 201 2.0 -1 August 1, 20X1-October 31, 20x11.8 - 1 November 1, 2081-June 30, 20X2 1.7.-1 July 1, 20X2-December 31, 20X2 1.5 - 1 Average monthly rate for 201 1.9 -1 Average monthly rate tor 20x2 1.6 - 1 2. An analysis of the accounts receivable balance is as follows: 20x2IIlIIIIIII 2021 Nccounts Receivable: Balance at beginning of year LCU 34,600 Sales (42,000 LCD per month in 20x2 and 37,000 LCU per month in 20X1) 504,000 LCU 444,000 Collections (495,900) (408,300) Write-ot (May 20x2 and December 20X1) (2,900) (1,100) Balance at end of year LCU 39,800 LCU 34,500 KINER COMPANY'S FOREIGN SUBSIDIARY Remeasurement of Selected Captions into United States Dollars December 31, 20x2. and December 31, 20X1 Balance in Indirect Exchange Remeasured into LCUS Rate | U.S. Dollars December 31, 20X1 Accounts receivable (net) 33 000 Inventories, a cost 62.000 Property plant and equipment Inet 146.000 ) Long-term debt 130.000 Common stock 110.000 Decem 31, 20X2: Accounts Receivable (net) 38.000 Inventories, at cost 67.000 Property, plant, and equipment 159 900 (net) Long-term debt 110.000 Common stock 110.000 Allowance for Uncollectible Accounts: Balance at beginning of year Provision for uncollectible accounta Write-offs (May 20x2 and December 20X1) Balance at end of year 120x220X1 LCU 1,600 3,100 LCU 2,700 12, 900) (1,1001 LCU 1,200 LCU 1,600 3. An analysis of inventories, for which the first-in, first-out inventory method is used, follows: |||||||||||||||||||||||||20x2 120X1 | Inventory at beginning of year LCU 62,000 Purchases (June 20x2 and June 20X1) $15,000 LCU355,000 Goods available for sale LCUS77,000 LCU355,000 Inventory at end of year (67.000) (62,000) Cost of goods sold LCUS10,000 ICU293,000 4. On January 1, 20X1, Kiner's foreign subsidiary purchased land for 20,000 LCU and plant and equipment for 140,000 LCU. On July 4 20X2, additional equipment was purchased for 31,000 LCU. Plant and equipment is being depreciated on a straight-line basis over a 10-year period with no residual value. A full year's depreciation is taken in the year of purchase 5. On January 15, 20X1, 7 percent bonds with a face value of 130,000 LCU were issued. These bonds mature on January 15, 20X7, and the interest is paid semiannually on July 15 and January 15. The first interest payment was made on July 15, 20X1. Required: Prepare a schedule remeasuring the selected accounts into US dollars for December 31, 20X1, and December 31, 20X2, respectively, assuming the US dollar is the functional currency for the foreign subsidiary. The schedule should be prepared using the following form: (Round your dollar amounts to nearest whole dollar.) On January 1, 20X1, Kiner Company formed a foreign subsidiary that issued all of its currently outstanding common stock on that date Selected accounts from the balance sheets, all of which are shown in local currency units, are as follows: December 31 20x220X1 TOU 38,000 DOU 33,000 67,000 62,000 Nccounts Receivable (net of allowance for uncollectible accounts of 1,800 LCU on December 31, 20x2, and 1,600 LCU on December 31, 20X1) Inventories, at coat Property, Plant Equipoent (net of allowance for accumulated depreciation of 31,100 LOU on December 31, 20x2, and 14,000 LU on December 31, 20XL) Long-Term Debt Common stock, authorized 22,000 shares, par value 10 ICU per share: 13sued and outstanding, 11,000 shares on December 31, 20X2, and December 31, 20X1 159,900 146,000 110,000 130,000 110,000 110,000 Additional Information: 1. Exchange rates are as follows: 6 January 1, 20X1-July 31, 201 2.0 -1 August 1, 20X1-October 31, 20x11.8 - 1 November 1, 2081-June 30, 20X2 1.7.-1 July 1, 20X2-December 31, 20X2 1.5 - 1 Average monthly rate for 201 1.9 -1 Average monthly rate tor 20x2 1.6 - 1 2. An analysis of the accounts receivable balance is as follows: 20x2IIlIIIIIII 2021 Nccounts Receivable: Balance at beginning of year LCU 34,600 Sales (42,000 LCD per month in 20x2 and 37,000 LCU per month in 20X1) 504,000 LCU 444,000 Collections (495,900) (408,300) Write-ot (May 20x2 and December 20X1) (2,900) (1,100) Balance at end of year LCU 39,800 LCU 34,500 KINER COMPANY'S FOREIGN SUBSIDIARY Remeasurement of Selected Captions into United States Dollars December 31, 20x2. and December 31, 20X1 Balance in Indirect Exchange Remeasured into LCUS Rate | U.S. Dollars December 31, 20X1 Accounts receivable (net) 33 000 Inventories, a cost 62.000 Property plant and equipment Inet 146.000 ) Long-term debt 130.000 Common stock 110.000 Decem 31, 20X2: Accounts Receivable (net) 38.000 Inventories, at cost 67.000 Property, plant, and equipment 159 900 (net) Long-term debt 110.000 Common stock 110.000 Allowance for Uncollectible Accounts: Balance at beginning of year Provision for uncollectible accounta Write-offs (May 20x2 and December 20X1) Balance at end of year 120x220X1 LCU 1,600 3,100 LCU 2,700 12, 900) (1,1001 LCU 1,200 LCU 1,600 3. An analysis of inventories, for which the first-in, first-out inventory method is used, follows: |||||||||||||||||||||||||20x2 120X1 | Inventory at beginning of year LCU 62,000 Purchases (June 20x2 and June 20X1) $15,000 LCU355,000 Goods available for sale LCUS77,000 LCU355,000 Inventory at end of year (67.000) (62,000) Cost of goods sold LCUS10,000 ICU293,000 4. On January 1, 20X1, Kiner's foreign subsidiary purchased land for 20,000 LCU and plant and equipment for 140,000 LCU. On July 4 20X2, additional equipment was purchased for 31,000 LCU. Plant and equipment is being depreciated on a straight-line basis over a 10-year period with no residual value. A full year's depreciation is taken in the year of purchase 5. On January 15, 20X1, 7 percent bonds with a face value of 130,000 LCU were issued. These bonds mature on January 15, 20X7, and the interest is paid semiannually on July 15 and January 15. The first interest payment was made on July 15, 20X1. Required: Prepare a schedule remeasuring the selected accounts into US dollars for December 31, 20X1, and December 31, 20X2, respectively, assuming the US dollar is the functional currency for the foreign subsidiary. The schedule should be prepared using the following form: (Round your dollar amounts to nearest whole dollar.)