P19-2 (similar to) Question Help Translation of financial statements A U.S.-based MNC has a subsidiary in France (local currency, euro, ). The balance sheet and income statement of the subsidiary follow: E. On December 31, 2019, the exchange rate is US$1.12/. Assume that the local (euro) figures for the statements remain the same on December 31, 2020. Calculate the U.S. dollar-translated figures for the two ending time periods, assuming that between December 31, 2019 and December 31, 2020, the euro has appreciated against the U.S. dollar by 11%. (Hint: When calculating the exchange rate for December 31, 2020 values, round the rate to four decimal places.) The sales on December 31, 2019 are $ (Round to the nearest cent.) X Data Table December 31, 2020 US$ Translation of Income Statement December 31, 2019 Euro US$ 35,000.00 31,850.00 3,150.00 Sales Cost of goods sold Operating profits December 31, 2020 US$ Translation of Balance Sheet December 31, 2019 Assets Euro US$ Cash 56.00 Inventory 427.00 Plant and equipment (net) 217.00 Total 700.00 Liabilities and Stockholders' equity Debt 357.00 Paid-in capital 105.00 Retained Earnings 238.00 Total 700.00 Print Done P19-2 (similar to) Question Help Translation of financial statements A U.S.-based MNC has a subsidiary in France (local currency, euro, ). The balance sheet and income statement of the subsidiary follow: E. On December 31, 2019, the exchange rate is US$1.12/. Assume that the local (euro) figures for the statements remain the same on December 31, 2020. Calculate the U.S. dollar-translated figures for the two ending time periods, assuming that between December 31, 2019 and December 31, 2020, the euro has appreciated against the U.S. dollar by 11%. (Hint: When calculating the exchange rate for December 31, 2020 values, round the rate to four decimal places.) The sales on December 31, 2019 are $ (Round to the nearest cent.) X Data Table December 31, 2020 US$ Translation of Income Statement December 31, 2019 Euro US$ 35,000.00 31,850.00 3,150.00 Sales Cost of goods sold Operating profits December 31, 2020 US$ Translation of Balance Sheet December 31, 2019 Assets Euro US$ Cash 56.00 Inventory 427.00 Plant and equipment (net) 217.00 Total 700.00 Liabilities and Stockholders' equity Debt 357.00 Paid-in capital 105.00 Retained Earnings 238.00 Total 700.00 Print Done