Required information A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2017, for 100,000 won each. It pays for both items on June 1, 2017, and they are still...

Extracted text: Required information A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2017, for 100,000 won each. It pays for both items on June 1, 2017, and they are still on hand at year-end. Inventory is carried at cost under the lower-of-cost-or-net realizable rule. Currency exchange rates for 1 won follow: $ 0.45 January 1, 2017 April 1, 2017 June 1, 2017 December 31, 2017 =1 won 0.46 =1 0.47 =D1 0.49 =1


Extracted text: Assume that the won is the subsidiary's functional currency. What balances does a consolidated balance sheet report as of December 31, 2017? Multiple Choice Marketable equity securities = $46,000 and Inventory = $46,000. Marketable equity securities = $49,000 and Inventory = $46,000. Marketable equity securities = $47,000 and Inventory = $47,000. Marketable equity securities = $49,000 and Inventory = $49,000. %3D