Parent Company acquired a subsidiary in Germany in 2012. The subsidiary's balance sheet is stated in euros. When Parent Company acquired the subsidiary in 2012, a euro was worth $1.35. When the subsidiary earned its income during 2012-2017, the average exchange rate was $1.32. On December 31, 2017, a euro is worth $1.20.
At December 31, 2017, the subsidiary's assets were 1,000,000 euros; the liabilities were 500,000 euros, common stock was 400,000 euros and retained earnings was 100,000 euros.
Required:
Translate the subsidiary's balance sheet into dollars.

Question

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The Answer of Parent Company acquired a subsidiary in Germany in 2012. The subsidiary's balance sheet is stated in euros. When Parent Company acquired the subsidiary in 2012, a euro was worth $1.35. When the subsidiary earned its income during 2012-2017, the average exchange rate was $1.32. On December 31, 2017, a euro is worth $1.20.
At December 31, 2017, the subsidiary's assets were 1,000,000 euros; the liabilities were 500,000 euros, common stock was 400,000 euros and retained earnings was 100,000 euros.
Required:
Translate the subsidiary's balance sheet into dollars.

Parent Company Acquired a Subsidiary in Germany in 2012