The following is the foreign currency balance sheet for Lee Company at December 31, 2006 (use for questions 4 and 5) Cash Fixed Assets 100,000Y 30,000 Liabilities Common Stock Retained Earnings 60,000 20,000 50,000 The following FX rates were in effect at December 31: Current (Spot) rate: 1 US .40 FC Historical rate: 1 US .30 FC Forward rate: 1 US .25 FC 4 Assume the US dollar is the functional currency: A) What is US dollar value of Cash at Dec 31 3)What is the US dollar value of Fixed Assets at Dec 31 C Where is the FX remeasurement gain or loss under the temporal method at Dec 31 reported 5 Assume the FC is the functional currency. What is the US dollar value of Cash at Dec 31 What is the US dollar value of Fixed Assets at Dec 31 Where is the FX translation adjustment under the current rate method at Dec 31 reported