Certain balance sheet accounts of a foreign subsidiary of Row at December 31, 2011, have been translated into U.S. dollars as follows:
|
Translated at |
||
|
Current Rates |
Historical Rates |
|
|
Note receivable, long term |
$240,000 |
$200,000 |
|
Prepaid rent |
85,000 |
80,000 |
|
Patent |
150,000 |
170,000 |
|
$475,000 |
$450,000 |
|
The subsidiary’s functional currency is the currency of the country in which it is located. What total amount should be included in Row’s December 31, 2011, consolidated balance sheet for the three accounts?
a $450,000
b $455,000
c $475,000
d $495,000