please answer all 5 parts

8.2 Translation of Foreign Currency Cermain balance sheet accounts of a foreign subsidiary of Rowan, Inc., at December 31, year 1, have been translated into ADVANICE ACCOUNTING HOMEWORK CHAPTER 11 & 12 Statements IS dollars as follows: Prepaid rent Patent Translated at Current Historical rates rutes Note rolvable, long-term $240,000 $200.000 85.000 80,000 150,000 170.000 $475,000 $450,000 The subsidiary's functional currency is the currency of the country in which it is located. What total amount should be included in Rowan's December 31, year 1 consolidated bal. ince sheet for the above accounts? $450,000 b$455,000 C. $475,000 d. $495,000 7. When remeasuring foreign currency financial statements into the functional currency, which of the following items would be remeasured using historical exchange rate? Inventories carried at cost. b. Marketable equity securities reported at market values. c. Bonds payable d. Accrued liabilities 8. Park Co.'s wholly owned subsidiary, Schnell Corp, main- tains its accounting records in euros. Because all of Schnell's Which of the following should be reported as a stockhold- branch offices are in Switzerland, its functional currency is Is equity account? the Swiss franc Remeasurement of Schnell's your financial statements resulted in a $7.600 gain, and translation of its 2 Discount on convertible bonds. financial statements resulted in an 58,100 gain. What amount Premium on convertible bondi. should Park report as a foreign exchange gain as net income in c. Cumvelative foreign exchange translation loss. its income statement for the year ended December 31, year 1? 4. Organization costs. a. SO b. $7,600 c. 58,100 d. $15.700 4. A foreign subsidiary's functional currency is its local currency, which has not experienced significant inflation. The weighted average exchange rate for the current year would be the appropriate exchange rate for translating Sales to customers Wages expense No No Yes No Yes d. Yos No Yes b c