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 are as follows: local currency units. December 31 20Y1 20X2 tf 200 CHea Docomber 31 20X2 and I CU 39 000 1,000 LCU on December 31, 20X1) LCU 34.000 70 000 65.000 Dronerty Plant & Eauipment (net of allowance for accumulated deprecintion of 35.400 LCU on December 31 182,00 168,000 .202, arid 16,000 LCU on December 31, 20X1) Common Stock, authonzed 24.000 shares, par value ahd outstanding. 12,000 shares , s e 120,000 120.000 Additional Information: 1 Fxchange.rates are as followe Additional Information: Exchange rates are as follows: LCU January 1, 20X1-July 31, 20X1 August 1, 20X1-October 31, 20Xx1 November 1 2 220X2 1 8 1 Average monthly rate for 20X1 Average monthly rate for 20X2 An analysis of the accounts receivable balance is as follows: 19 1 1.6 1 20X2 20x1 Accounts Receivable LCU 35,000 Balarice at beginning of yoar in 20X2 and 38.000 LCU per month in 20x1 ) 516.000 (508,100) LCU 456,000 (419500) Colleciun 20x2 and December 20X1) LCu 40 200 LCU 35.000 Balance at end of yoar 20X2 20X1 Allowance for Uncollectible Accounts. LCU 1.000 Provision for uncollectible accounts 900 LCU 2.500 (1,500) L CU 1 000 Write-offs (May 20X2 and December 20X1) Balance at end of year (2,700) LCU 1,200 . An analysis of inventories, for which the first-in, first-out inventory method is used, follows 20X1 LCU 65.000 355,000 Inventory at beginning of year Purchases (June 20X2 and June 20X1) LCU395.000 LCU39 5.000 LCU330,000 Imvontory at end of vear (70 000) Cost of goods sald LCU350,000 On January 1, 20X1, Kiner's foreign subsidlary purchased land for 24,000 LCU and plant and equlpment for 160,000 LCU. On July 4, 20X2, additional equlpment was purchased for 34,000 LCU. Plant and equlpment is being len 1 207neront bonce with face value of 120 0001 CLere issued These bonds mature on January 15, 20X7, and the interest is pald 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 U.S. dollars for December 31, 20X1, and December 31, 20X2, respectively, assuming the U.S. dollar is the functional currency for the foreign subsidiary. The schedule should be prepared using the following orm: (Round your dollar amounts to nearest whole dollar.) KINER COMPANY'S FOREIGN SUBSIDIARY Remeasurement of Selected Captions into United States Dollars December 31, 20X2, and December 31, 20X1 Balance in Indirect Exchange Rate Remeasured into LCUS U.S. Dollars December 31, 20X1 Accounts receivable (net) 34,000 Inventories, at cost 65,000 168.000 Property, plant, and equipment (net) 120,000 Long-term debt Common stock 120,000 December 31, 20X2: Accounts Receivable (net) 39.000 Inventories, at cost 70,000 Property, plant, and equipment (net) 182.600 Long-term debt 100,000 stock 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 are as follows: local currency units. December 31 20Y1 20X2 tf 200 CHea Docomber 31 20X2 and I CU 39 000 1,000 LCU on December 31, 20X1) LCU 34.000 70 000 65.000 Dronerty Plant & Eauipment (net of allowance for accumulated deprecintion of 35.400 LCU on December 31 182,00 168,000 .202, arid 16,000 LCU on December 31, 20X1) Common Stock, authonzed 24.000 shares, par value ahd outstanding. 12,000 shares , s e 120,000 120.000 Additional Information: 1 Fxchange.rates are as followe Additional Information: Exchange rates are as follows: LCU January 1, 20X1-July 31, 20X1 August 1, 20X1-October 31, 20Xx1 November 1 2 220X2 1 8 1 Average monthly rate for 20X1 Average monthly rate for 20X2 An analysis of the accounts receivable balance is as follows: 19 1 1.6 1 20X2 20x1 Accounts Receivable LCU 35,000 Balarice at beginning of yoar in 20X2 and 38.000 LCU per month in 20x1 ) 516.000 (508,100) LCU 456,000 (419500) Colleciun 20x2 and December 20X1) LCu 40 200 LCU 35.000 Balance at end of yoar 20X2 20X1 Allowance for Uncollectible Accounts. LCU 1.000 Provision for uncollectible accounts 900 LCU 2.500 (1,500) L CU 1 000 Write-offs (May 20X2 and December 20X1) Balance at end of year (2,700) LCU 1,200 . An analysis of inventories, for which the first-in, first-out inventory method is used, follows 20X1 LCU 65.000 355,000 Inventory at beginning of year Purchases (June 20X2 and June 20X1) LCU395.000 LCU39 5.000 LCU330,000 Imvontory at end of vear (70 000) Cost of goods sald LCU350,000 On January 1, 20X1, Kiner's foreign subsidlary purchased land for 24,000 LCU and plant and equlpment for 160,000 LCU. On July 4, 20X2, additional equlpment was purchased for 34,000 LCU. Plant and equlpment is being len 1 207neront bonce with face value of 120 0001 CLere issued These bonds mature on January 15, 20X7, and the interest is pald 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 U.S. dollars for December 31, 20X1, and December 31, 20X2, respectively, assuming the U.S. dollar is the functional currency for the foreign subsidiary. The schedule should be prepared using the following orm: (Round your dollar amounts to nearest whole dollar.) KINER COMPANY'S FOREIGN SUBSIDIARY Remeasurement of Selected Captions into United States Dollars December 31, 20X2, and December 31, 20X1 Balance in Indirect Exchange Rate Remeasured into LCUS U.S. Dollars December 31, 20X1 Accounts receivable (net) 34,000 Inventories, at cost 65,000 168.000 Property, plant, and equipment (net) 120,000 Long-term debt Common stock 120,000 December 31, 20X2: Accounts Receivable (net) 39.000 Inventories, at cost 70,000 Property, plant, and equipment (net) 182.600 Long-term debt 100,000 stock