Question No 2: Dhofar LLC in Oman is a wholly owned subsidiary of Diamond Inc. of USA. The functional currency of Dhofar LLC is Omani Rial (OMR) which is currently sells at OMR 0.38465/USD. The reporting currency for Diamond Inc is US Dollar (USD). When Dhofar Company started its business activities in Oman, the exchange rate was OMR 0.33271/USD. The non-consolidated financial statements for both the companies are as follows: Assets Diamond Inc. (USD)Dhofar LLC (OMR) Cash 375000 78000 Prepaid expenses 85000 14000 Inventory 152000 40000 Short term Investment 255000 36000 Long term receivables 228000 28000 Plant and Equipment 120000 12000 Total 1215000 208000 Liabilities and Equity Accounts Payable 120000 40000 Outstanding wages 30000 12000 10 years loan 375000 92000 Capital stock 465000 44000 Retained earnings 225000 20000 Total 1215000 208000 Requirement: (i) Translate the balance sheet of Dhofar LLC using Current/Non-Current Method. (4 Marks) (ii) Prepare consolidated balance sheet of Diamond Inc. (3 Marks) (iii) Calculate net exposed assets of Dhofar LLC (in USD) by using the Current/Non-Current Method. (3Marks) Question No 3