4: Ginvold Co. began operating a subsidiary in a foreign country on January 1, 2018 by acquiring all of the common stock for $50,000 Stickles, the local currency. This subsidiary immediately borrowed $120,000 on a five-year note with ten percent interest payable annually beginning on January 1, 2019. A building was then purchased for $170,000 on January 1, 2018. This property had a ten-year anticipated life and no salvage value and was to be depreciated using the straight- line method. The building was immediately rented for three years to a group of local doctors for $6,000 per month. By year-end, payments totaling $60,000 had been received. On October 1, $5,000 were paid for a repair made on that date and it was the only transaction of this kind for the year. A cash dividend of $6,000 was transferred back to Ginvold on December 31, 2018. The functional currency for the subsidiary was the Stickle (5). Currency exchange rates were as follows: January 1, 2018 October 1, 2018 Average for 2018 $1 = $2.40 1-$2.22 $1-$2.28 December 31, 2018 $1-$2.16 Required: Prepare a balance sheet for this subsidiary in stickles and translate the amounts in U.S. dollars