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Compte, Incorporated $($a U$.$S$.-$based company$),$ establishes a subsidiary in Croatia on January $1,2023.$ The following account balances for the year ending December $31,2024,$ are stated in kuna $($K$),$ the local currency:

The following U$.$S$.$ dollar per kuna exchange rates are applicable:

Required:

$0.$ Assuming that the kuna is the functional currency, what exchange rate would be used to report each of these accounts in U$.$S$.$ dollar consolidated financial statements?

$-$ Sales

$-$ Inventory

$-$ Equipment

$-$ Rent expense

$-$ Dividends

$-$ Notes receivable

$-$ Accumulated depreciation$-$equipment

$-$ Salary payable

$-$ Depreciation expense

b$.$ Assuming that the U$.$S$.$ dollar is the functional currency, what exchange rate would be used to report each of these accounts in U$.$S$.$ dollar consolidated financial statements?

$-$ Sales

$-$ Inventory

$-$ Equipment

$-$ Rent expense

$-$ Dividends

$-$ Notes receivable

$-$ Accumulated depreciation$-$equipment

$-$ Salary payable

$-$ Depreciation expense

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$1.$ Use the Open Excel In New Tab button to launch this question.

$2.$ When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. Compte, Incorporated $($a U$.$S$.-$based company$),$ establishes a subsidiary in Croatia on January $1,2023.$ The following account balances for the year ending December $31,2024,$ are stated in kuna $($ K $),$ the local currency:

The following U$.$S$.$ dollar per kuna exchange rates are applicable:

Required:

Note: Use cells A$2$ to B$22$ from the given information to complete this question. For all requirements, round your answers to $2$ decimal places.

a$.$ Assuming that the kuna is the functional currency, what exchange rate would be used to report each of these accounts in U$.$S$.$ dollar consolidated financial statements?

b$.$ Assuming that the U$.$S$.$ dollar is the functional currency, what exchange rate would be used to report each of these accounts in U$.$S$.$ dollar consolidated financial statements?

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