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 NGN 20,340 22,100 11,050 Notes payable Common stock NGN 16, 770 11,700 41,700 NGN 53,490 4,170 Retained earnings (20,850) NGN 53, 490 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 8,170,000 NGN on the note payable Sold entire inventory for 17,700,000 NGN on account. Sold land for 6,170,000 NGN cash. Collected all accounts receivable. Signed long-term note to receive 8,170,000 NGN cash. Bought inventory for 20,170,000 NGN cash. Bought land for 3,170, 000 NGN on account. Declared and paid 3,170,000 NGN cash dividend to parent. Recorded depreciation for the entire year of 2,085, 000 NGN. The U.S dollar ($) exchange rates for 1 NGN are as follows 2008 2010 August 1, 2016 December 31, 2016 February 1, 2017 May 1, 2017 June 1, 2017 August 1, 2017 September 1, 2017 October 1, 2017 November 1, 2017 December 1, 2017 December 31, 2017 Average for 2017 NGN 1 = $0.0065 1 = 0.0059 1 -0.0079 1-0.0081 1 0 . 0083 1 -0.0085 10.0087 1 -0.0091 1 = 0.0093 1 = 0.0095 10.0097 1 = 0.0099 = 0.0118 1 -0.0108