Simon Company has two foreign subsidiaries.One is located in France,the other in England.Simon has determined the U.S.dollar is the functional currency for the French subsidiary,while the British pound is the functional currency for the English subsidiary.Both subsidiaries maintain their books and records in their respective local currencies.What methods will Simon use to convert each of the subsidiary's financial statements into U.S.dollars? 
Definitions:
Federal Rules
A set of regulations that govern the process and procedure in the United States federal courts.
Foreign Limited Liability Company
A business entity that is organized in one jurisdiction but is registered to do business in another jurisdiction, offering limited liability protection to its owners.
Law Application
involves the process of applying legal principles and rules to specific situations and cases.
Formed State
A term referring to a specific point in time when a state (in the context of a nation or territory) is officially established or constituted.
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