On December 1, 20x1, you imported a machine from a foreign supplier for $100,000, due for settlement on January 6, 20x2. Your functional currency is the Philippine peso. The relevant exchange rates are as follows:
Dec. 1, 20x1
Dec. 31, 20x1
Jan. 6, 20x2 P50:$1 P52:$1 P47:$1
The cost of the machine that will be disclosed in your December 31, 20x1 financial statements is
a. $100,000.
b. P5,000,000.
C. P5,200,000.