y in a foreign country on January 1, 2015 by 00 Stickles, the local currency. This subsidiary ar note with ten percent interest payable annually ding was then purchased for $170.000 on January 1, 2015. e and no salvage value and was to be depreciated st year income was calculated, the total was $32,000 al currency for the subsidiary was the Stickle (8). Currency exchange rates were as follows: Greenwood Co. began operating a subsidiary in a foreign com acquiring all of the common stock for 850.000 Stickles, the local immediately borrowed $120,000 on a five-year note with ten percent beginning on January 1, 2016. A building was then purchased This property had a ten-year anticipated life and no salvage van using the straight-line method. When the first year income was calcula from the income statement. The functional currency for the subsidia January 1, 2015 October 1, 2015 Average for 2015 December 31, 2015 $1.00 = $2.40 $1.00 = $2.22 $1.00 = $2.28 $1.00 = $2.16 in U.S. dollars. 31/2015 balance sheet for this subsidiary in Stickles to the appropriate amounts Greenwood Company Subsidiary Balance Sheet Translation December 31, 2015 Dollars 000 Cash Rent Receivable Building Accumulated Depreciation Total Assets X $ Stickles $ 49,000 12,000 170,000 (17,000) $214,000 X A Interest Payable Loan Payable Common Stock Retained Earnings Translation Adjustment Total Liabilities & Equity $ 12,000 120,000 50,000 32,000 x$_ x $ x $ $214,000