Translate into dollars the balance sheet of Assiniboine Leather Goods Inc.'s Spanish subsidiary. When Assiniboine Leather Goods

Question:

Translate into dollars the of Assiniboine Leather Goods Inc.'s Spanish subsidiary. When Assiniboine Leather Goods acquired the foreign subsidiary, a euro was worth $1.60. The current is $1.70. During the period when retained earnings were earned, the average was $1.58 per euro.
Euros
Assets .......................................................................................... 500,000
Liabilities ..................................................................................... 300,000
Shareholders' equity:
Common shares ....................................................................... 50,000
Retained earnings .................................................................... 150,000
500,000
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...