A wholly owned foreign subsidiary of Import Corporation has certain expense accounts for the year ended December 31, 2014, stated in local currency units (LCU) as follows:LCUAmortization of patent (patent was acquired January 1, 2012) 40,000Provision for doubtful accounts 40,000Rent 120,000The exchange rates at various dates are as follows:Dollar Equivalentof 1 LCUDecember 31, 2014 $0.20Average for the year ended December 31, 2014 0.24January 1, 2012 0.25The subsidiary’s operations were an extension of the parent company’s operations. What total dollar amount should be included in Import’s income statement to reflect the foregoing expenses for the year ended December 31, 2014?$40,000.$48,400.$42,000.$48,000.