This problem is adapted from our Chapter 10 exercise on the temporal method. Specifically, I have made a change to the initial exchange rate on the formation date of the subsidiary (from 0.50 to 0.52). Please update the worksheet accordingly following this change, ensuring to answer the specified blanks with | is clear labels. hibited. Posting this material on any commerical websites is a violation of my copyright. I violations should be reported to IL@oldwestbury.edu. Unauthorized sharing or 1/1/2010: Subsidiary was formed; Ex. Rate was 0.50-0.52. Posting this material on any commerical 1/1/2015: Exchange rate was 0.60 suspected violations should be reported to 4/1/2015: Property was purchased; Ex. Rate was 0.62 4/15/2015: All the long-term debt were incurred; Ex.. Rate was 0.63. ion of this material is strictly 10/1/2015: Dividends were declared; Ex. Rate was 0.67 is a violation of my copyright. Any 12/31/2015: Exchange rate was 0.68 L@ oldwestbury.edu. Unauthorized sharing or Avg. Rate for 2015: 0.64 strictly prohibited. Posting this material on any commerical Assumptions: of my copyright. Any suspected violations should be reported to Revenue and cost of goods sold occurred uniformly throughout the year. of this material is strictly Common Stock and APIC has remained constant since the establishment on 1/1/2010_.y copyright. Any Patent is fully amortized, thus not listed in the balance sheet. The patent was secured on 1/1/2012. when the Exchange Rate was 0.59. material is strictly prohibited. Posting this material on any commerical Temporal Method on any commerical websites is a violation of my copyright. A Updated ected violations should be reported to LIL@oldwestbury.edu. Unauthorized sharing of Exchange ation of this Updated strictly prohibited. Posting this matCHF on any Exchange Rate veRates is a vi USD of my USD right. Sales spected violations should be3,000,000 0.64 Andwestbury.edu. Una1,920,000 sharing or Cost of Goods Sold this material is (2,000,000) 0.64- A Posting this materi (1,280,000) commerical Gross Profit a violation of my co1,000,000 An/a suspected violations shou640,000reported to Depreciation Expense Unauthorize (35,000) 0.62 H semination of this (21,700) is strictlyAmortization Expense (25,000) 0.58 H (14,500) sharing or Other Expenses ions should be rep (110,000) 0.64 A dwestbury.edu. Unau (70,400) of this material is Posting this materi ommerical Income Before Taxes lation of my cop 830,000 n/a spected violations show 533,400 eported to Income Taxes ury.edu. Unauthorize(249,000) 0.64 A semination of this (159,360) Currency Exchange Gain Loss terial 0 n/a (plug-in)'s is a violation 10,340 (9) ? Net Income violations should be rep581,000 on/a @(below) tbury.edu. Unaut 384,380 (8) ? dissemination of this material is strictly prohibited. Posting this material on any commerical websites is a violation of my copyright. Any suspected violations should be reported to Retained Earnings, 1/1 . Unauthorize 100,000 0.64 (given) ination of this m64,000 is strictly Net Income Posting this material on a 581,000 n/a (plug-in) s is a violation . 384.380 ( 7 ) ? violations should be rep Dividends (150,000) 0.67 H estbury.edu. Unau (100,500) ation of this material i Posting this mate Retained Earnings, 12/31 ion of my copy 531,000 n/a (below) | violations shou 347,880 (6) ? Assets ted. Posting this material oCHFy comp Exchange Rate es is a violationUSDmy copyright. Any Cash cted violations should be rep121,000 0.68 @Cdwestbury.edu. Unauth 82,280 sharing or Accounts Receivable his material is str 100,000 0 0.68ecC Posting this material o 68,000 commerical Inventory (evenly acquired this my copyr suspected violations should reported to year) oldwestbury.edu. Unauthorized 450000 0.64 A semination of this 288,000 is strictly Property and Equipment is material on 1,000,000 0.62 H ebsites is a violation 620,000 yright. Any Accumulated Depreciation ould be _ (120,000) 0.62 H westbury.edu. Una (74,400)_sharing or Total Assetson of this material is s1,551,000on/ated. Posting this material 983,880 commerical websites is a violation of my copyright. Any suspected violations should be reported to Liabilities and Equity . Unauthorized sharing or dissemination of this material is strictly Accounts Payable ng this material on a500,000 0.68 a cebsites is a violation . 340,000 pyright. Any Long-term Debt lations should be rep200.000 0.68@dwestbury.edu. Unaut 136.000 sharing orLiabilities and Equity . Unauthorized sharing or dissemination of this material is strictly Accounts Payableing this material on a500,000 0.68 websites is a violation o 340,000 pyright. Any Long-term Debt ations should be rep200.000 0.68 C dwestbury.edu. Unaut 136,000 sharing or Common Stock of this material is str 100,000 0.50 Postin (1) 0.52 al H O 50 000 (2)52,000 violation of my cop ected houl Additional PIC H bury.edu. Unauthorized 220,000 0.50 (3) 0.52 110,000 (4)114,400 ssemin Retained Earnings 12/31 s material on 531,000 n/a plug-in tes is a violation o 347,880 (5 ) ? OCI-Cumulative Trans. Adj- d be reported to Oil /a Idwestbury.edu. 0 Total Liabilities and Equity 1,551,000 n/a (=Total Assets) 983,880 Blanks (7) and (8) should have the same number. How much is it? Numeric Response