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What amount should be included as total assets on araneta

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A foreign subsidiary of Araneta Jeans Corp. (a Philippine based firm) has certain balance sheet accounts on December 31, 2016. The functional currency of the subsidiary is US Dollar and currency of record is the US Dollar (as LCU) and the parent's books are kept in Peso.

Information relating to these accounts in Peso value as follows:

Accounts Receivable 3,700 USD
Inventories 8,400 USD
Prepaid Insurance (acquired on 1/1/2016) 400 USD
Land (purchased on 1/1/14) 400 USD

Exchange rates at various dates:

January 1, 2014 - - - - - - - 1 LCU (USD): P 40

January 1, 2016 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 LCU (USD): P 48

December 31, 2016 - - - 1 LCU (USD): P 50

Average rate for year ended 2016 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 LCU (USD): P 45

Question 1: What amount should be included as total assets on Araneta Jean's balance sheet on December 31, 2016 as the result of the above information applying closing rate method under PAS 21?

Reference no: EM132817464

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