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Crimson Lights Inc. (CL) is a 100% wholly owned subsidiary with operations in France. CL was...

Crimson Lights Inc. (CL) is a 100% wholly owned subsidiary with operations in France. CL was purchased by a Canadian parent on January 1, 2012. The financial records of CL are maintained in euros and provide the following information with respect to equipment, and goodwill.Equipment - purchased on January 1, 2012 for €250,000 - depreciated over 5 years on a straight-line basis.Equipment - purchased on January 1, 2013 for €175,000 - depreciated over 5 years on a straight-line basis.Goodwill - € 375,000Foreign exchange rates were as follows:January 1, 2012 €1 = 1.50Average for 2012 €1 = 1.48January 1, 2013 €1 = 1.46Average for 2013 €1 = 1.45January 1, 2014 €1 = 1.51Average for 2014 €1 = 1.58December 31, 2014 €1 = 1.62

Required:Assume that CL's functional currency is the euro. Calculate the translated Canadian dollar balances for the following accounts at December 31, 2014.

a. Equipment

b. Accumulated depreciation — equipment

c. Depreciation expense

d. Goodwill

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