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Advanced Acto 6 Perez Company's Operation are related to the operation ofits subsidiary Certai have been translated into US dollars as follows: n balance sheet accounts of the foreign subsidiary at December 31, 2015, Current Historical Accounts receivable, current Accounts receivable, long-term Prepaid insurance Goodwill 200,000 $220,000 30,000 140,000 55,000 00,000 110,000 50,000 will ance If the accounting is in accordance with SFAS No. 52, what total should be included in Perez's balance sheet at December 31, 2015, for the foregoing items? a. $480,000 b. $490,000 c. $495,000 d. $580,000 7.Pal Company is translating account balances of its foreign subsidiary into dollars for its December 31, 2015, balance sheet and its 2015 income ement. The functional currency was identified as the local currency of the foreign subsidiary. The average exchange rate for 2015 should be used to translate a. Retained earnings at January 1, 2015. b. Equipment purchased in 2015 c. Depreciation expense for 2015. d. Cash at December 31, 2015