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Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31 2016, the subsidiary had the following balance sheet (amounts are in thousands (000's)) Cash Inventory Land Building Accumulated depreciation Notes payable Common stock NGN 16,580 NGN 20,260 21,600 10,800 11,300 41,300 NGN 52,660 4,130 Retained earnings (20,650) NGN 52,660 The subsidiary acquired the inventory on August 1, 2016, and the land and building in 2010. It issued the common stock in 2008 During 2017, the following transactions took place: 2017 Feb. 1 May 1 June 1 Aug. 1 Sept.1 Oct. 1 Nov. 1 Dec. 1 Dec. 31 Paid 8,130,000 NGN on the note payable Sold entire inventory for 17,300,000 NGN on account. Sold land for 6,130,000 NGN cash. Collected all accounts receivable Signed long-term note to receive 8,130,000 NGN cash. Bought inventory for 20,130,000 NGN cash Bought land for 3,130,000 NGN on account. Declared and paid 3,130,000 NGN cash dividend to parent. Recorded depreciation for the entire year of 2,065,000 NGN The U.S dollar ($) exchange rates for 1 NGN are as follows