Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2019, the subsidiary had the following balance sheet (amounts are in thousands (000s)): Cash Inventory Land Building NGN 15,890 10,100 Notes payable Common stock NGN 20,020 4,010 Retained earnings 20,020 10,010 40,100 Accumulated depreciation (20,050) NGN 50,050 NGN 50,050 The subsidiary acquired the inventory on August 1, 2019, and the land and building in 2013. It issued the common stock in 2011. During 2020, the following transactions took place: 2020 Feb. 1 Paid 8,010,000 NGN on the note payable. May 1 Sold entire inventory for 16,100,000 NGN on account. June 1 Sold land for 6,010,000 NGN cash. Aug. 1 Collected all accounts receivable. Sept. 1 Signed long-term note to receive 8,010,000 NGN cash. Oct. 1 Bought inventory for 20,010,000 NGN cash. Nov. 1 Bought land for 3,010,000 NGN on account. Dec. 1 Declared and paid 3,010,000 NGN cash dividend to parent. Dec. 31 Recorded depreciation for the entire year of 2,005,000 NGN. The U.S dollar ($) exchange rates for 1 NGN are as follows: 2011 2013 NGN 1 - $0.0049 1 0.0043 August 1, 2019 1 0.0063 December 31, 2019 1 0.0065 February 1, 2020 0.0067 May 1, 2020 1 0.0069 June 1, 2020 1 0.0071