Certain balance sheet accounts of a foreign subsidiary of Rowan, Inc., at December 31, year 1, have been translated into US dollars as follows:Translated at Current Rates:Note Receivable, long term: $240,000Prepaid rent: $85,000Patent: $150,000Total: $475,000Translated at Historical Rates:Note Receivable, long term: $200,000Prepaid rent: $80,000Patent: $170,000Total: $450,000The subsidiary's functional currency is the currency of country in which it is located. What total amount should be included in Rowan's December 31, year 1 consolidated balance sheet for the above accounts? a) $450,000 b) $455,000 c) $475,000 d) $495,000
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