Tough Coat prepares consolidated financial statements annually. The current rate as of December 31, 2018 is €20. Translate the balance sheet for the Irish Subsidiary and prepare a consolidated financial statement.
Tough Coat
Irish Subsidiary
Cash
$290,000
EUR 2,500
Receivables
$75,000
EUR 10,000
Inventory
$100,000
EUR 7,500
Investment in Irish Co
$60,000
Land
$175,000
EUR 0
Plant & Equipment
$800,000
EUR 50,000
Accumulated Depreciation
($400,000)
(EUR 5,000)
Accounts Payable
$100,000
EUR 2,500
Bonds Payable
$200,000
EUR 12,500
Common Stock
$500,000
EUR 40,000
Retained Earnings
$300,000
EUR 10,000