The Isle of Palms Company (IOP), a U.S.-based entity, has a wholly owned subsidiary in Israel that has been determined as having the Israel Shekel (ILS) as its functional currency. On October 1, 2019, the Israell subsidiary borrowed 500,000 Swiss franc (CHF) from a bank in Geneva for two years at an interest rate of 5 percent per year. The note payable and accrued interest are payable at the date of maturity, On December 31, 2020, the Israeli subsidiary has the following foreign currency balances on its books Interest expense Interest payable Note payable CHF CHF CHE 25,000 31.250 500,000 Relevant exchange rates between the Israeli Shekel (ILS) and Swiss franc (CHF), and between the US dollar (USD) and Israell shekel (ILS) follow ILS per CHE October 1, 2019 January 1, 2020 Average for 2020 December 31, 2020 3.91 3.95 4.02 USD per ILS 0.0 0.29 0.27 a. Determine the Israeli Shekel amounts at which the Swiss franc balances should be reported on the Israel subsidiary's December 31 2020, trial balance b. Determine the US dollar amounts at which the Swiss franc balances should be included in TOP 2020 consolidated financial statements (Round your final answers to 2 decimal places.) Exchange Rate ILS 1. December 31, 2020 Interest expense Interest payable Note payable CHF 25,000 31.250 500.000 * a. Determine the Israeli Shekel amounts at which the Swiss franc balances should be reported on the local subsidiary's December 31 b. Determine the US dollar amounts at which the Swiss franc balances should be included in OP's 2020 consolidated financial 2020, trial balance. statements (Round your final answers to 2 decimal places.) Exchange Rate December 31, 2020 Interest expense Interest payable Note payable December 31, 2020 Interest expense Interest payable Note payable 25,000 31 250 500.000 ILS X Exchange Rate