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The UK subsidiary of a US parent company has GBP as its functional currency. To translate the subsidiary's GBP financial statements into USD for consolidation purposes, the following exchange rate information was gathered:

| USD/GBP |

|------------------|

| Beginning of the year | 1.30 |

| Average for the year | 1.35 |

| End of the year | 1.40 |

Note: USD/GBP is the amount of USD per 1 GBP

The subsidiary reports total assets of GBP 5 million on its balance sheet at fiscal year end. The subsidiary's total assets reported on the parent's consolidated balance sheet are: