Vettori Manufacturing Company (VMC) is a Canadian private company in the manufactory industry. VMC has a September 30 year-end and applies ASPE. It is very active in Canada, but has only recently decided to explore overseas markets. VMC recently decided to expand its operations to Southern Africa. On March 16, 2020, VMC invested $359,000 in a subsidiary in South Africa. The subsidiary immediately purchased a piece of land for R1.7 million ($200,000) and inventory for R714,000 ($84,000) and invested R637,500 ($75,000) in a company listed on the Johannesburg Stock Exchange (JSE). (R = South African rand). By September 30, 2020, the value of the rand had weakened relative to the Canadian dollar and was quoted at $1 = R9.00. The fair value of the land had increased to R1.75 million and the investment on the JSE had increased in value to R700,000. The net realizable value of the inventory was estimated at R720,000. The annual inflation rate in South Africa is approximately 5%. Required: Discuss how VMC should report the land, inventory, investment and any related exchange gains or losses associated with the subsidiary for consolidation purposes.