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P12-30 Foreign Currency Translation LO 12-4, 12-5 formed a foreign subsidiary that issued all of its currently outstanding On January 1, 20X1, Kiner Company 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 20X2 20X1 Accounts Receivable (net of allowance for uncollectible accounts of 1,900 LCU on December 31, 20X2, and 1,700 LCU on December 31, 20X1) LCU 43,000 LCU 38,000 69,000 74,000 Inventories, at cost Property, Plant and Equipment (net of allowance for accumulated depreciation of 36,000 LCU on December 31, 20X2, and 17,000 LCU on December 31, 20X1) 193,500 80,000 179,000 100,000 Long-Term Debt Common Stock, authorized 16,000 shares, par value 10 LCU per share; issued and outstanding, 8,000 shares on December 31, 20X2, and December 31, 20X1 80,000 80,000 Additional Information 1. Exchange rates are as follows LCU January 1, 20X1-July August 1, 20X1- November 1, 20X1- July 1, 20X2- Average monthly rate Average monthly rate 2.0 31, 20X1 October 31, 20X1 June 30, 20X2 December 31, 20X2 for 20X1 for 20X2 1.7 1.5 1.9 2. An analysis of the accounts receivable balance is as follows 20X2 Accounts Receivable Balance at beginning of year Sales (41,000 LCU per month in 20X2 and 36,000 LCU LCU 39,700 per month in 20X1) Collection:s Write-offs (May 20X2 and December 20X1) 492,000 (483,900) (2,900) LCU 432,000 (391,300) (1,000) Balance at end of year LCU 44,900LCU 39,700