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In January, 20X3, Dudwil Corporation acquired a foreign subsidiary, Holman Company, by paying cash for all of the outstanding common stock of Holman. On the purchase date, Holman Company's accounts were stated fairly in local currency units (FC). Subsequent sales of Holman's common stock have been purchased by Dudwil to maintain its 100% ownership. Holman's trial balance, in functional currency units (same as the local currency units), on December 31, #20X7, follows: Debit Credit Cash 58,400 Marketable securities 32,500 Accounts receivable (net) 51,370 Inventories 108,000 Surrender value of life insurance 7,200 Intangible assets 123,900 Property, plant, and equipment 636,000 Accumulated depreciation 93,850 Accounts payable 74,000 Accrued interest payable 7,120 Notes payable 52,000 Bonds payable 80,000 Capital stock 83,000 Paid-in capital in excess of par 190,300 Retained earnings 390,400 Sales 936,300 Cost of goods sold 762,000 Interest expense 7,120 Depreciation expense 39,350 Amortization expense--intangibles 3,100 Other expenses 84,230 Gain on sale of equipment 2,400 Interest income 3,800 Total 1.913.170 1.913.170 O The following additional information is available: a. Holman uses the LIFO inventory method to account for its inventory. Purchases took place uniformly throughout 20X7. There were no intercompany sales during 20X7. b. During 20X7, Holman declared and paid a dividend of 7,000 FCs at the end of each calendar quarter. c. The balances in the contributed capital accounts result from the following transactions: Date January 1, 20X3, issuance June 30, 20X5, issuance January 1, 20X6, issuance August 1, 20X6, retirement Capital Stock 40,000 FC 40,000 10,000 (7,000) 83.000 FC Paid-in Capital in Excess of Par 80,000 FC 104,300 20,000 (14,000) 190.300 FC The August 1, 20X6, retirement of stock involves stock originally issued on January 1, 20X3. d. The December 31, 20X6, retained earnings balance of 418,400 FC, translated into dollars, is $179,460. e. Selected translation rates are as follows: Date January 1, 20X3 20X3 average 20X4 average February 1, 20X5 June 30, 20X5 20X5 average January 1, 20X6 February 1, 20X6 August 1, 20X6 December 31, 20X6 1 FC equal to $0.30 0.32 0.38 0.42 0.45 0.45 0.50 0.52 0.60 0.61 0.56 0.63 0.66 0.70 0.75 0.70 20X6 average March 31, 20X7 June 30, 20X7 September 30, 20X7 December 31, 20X7 20X7 average Required: Prepare a schedule to translate the December 31, 20X7, trial balance of Holman Company from local currency units to dollars. The schedule should show the trial balance in FCs, the exchange rates, and the trial balance. (Do not extend the trial balance to statement columns. Supporting schedules should be in good form.)