Certain balance sheet accounts of a foreign subsidiary of Orchid Company have been stated in U. S. dollars as follows:
Stated at Current Rates Historical Rates
Accounts receivable, current $ 215,000 $ 235,000 '
Accounts receivable, long term 118,000 125,000
Land 59,000 63,000
Patents 89,000 94,000
Total 481,000 517,000
1. This subsidiary's functional currency is the U. S. dollar. What total should Orchid's balance sheet include for the preceding items?
2. This subsidiary's functional currency is foreign currency. What total should Orchid's balance sheet include for the preceding items?
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