The assets listed below of a foreign subsidiary have been converted to U.S. dollars at both current and historical exchange rates. Assuming that the recording currency of the foreign subsidiary is the functional currency, what total amount should appear for these assets on the U.S. company's consolidated balance sheet?AssetHistorical RatesCurrent RatePrepaid Insurance $60,000 $48,000 Buildings (Net) 480,000 240,000 Inventories, at Cost 300,000 288,000 Investments, at Cost 120,000 60,000 Total $960,000 $636,000
A. $636,000
B. $960,000
C. $648,000
D. $708,000
Answer: A
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