A French Subsidiary of a U Required:
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Re-Measure the Following Items from the December 31

A French subsidiary of a U.S.firm keeps accounting records in euros.The U.S.dollar is considered the subsidiary's functional currency.Assume the following exchange rates:
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$$\begin{array} { l r } \text { Date } & \text { 1 euro equal to } \\\text { January } 1,2018 & \$ 1.05 \\\text { July } 1,2018 & \$ 1.07 \\\text { Dec. } 31,2018 & \$ 1.09 \\\text { Average } 2018 & \$ 1.08 \\\text { January } 1,2019 & \$ 1.09 \\\text { July } 1,2019 & \$ 1.07 \\\text { Dec. } 31,2019 & \$ 1.06 \\\text { Average } 2019 & \$ 1.08\end{array}$$ Required:
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Re-measure the following items from the December 31, 2019 trial balance of the subsidiary:
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a.Sales made evenly throughout 2019 = 100,000 euros
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b.Cost of goods sold = 30,000 euros
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5,000 euros purchased July 1, 2018
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25,000 euros purchased July 1, 2019
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c.Salary expense for 2019 = 40,000 euros
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d.Land = 1,000,000 euros
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200,000 euros purchased January 1, 2018
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800,000 euros purchased July 1, 2019