5- --LlNormal 1NoSpae.. Heading 1 Heading 2 Paragraph ainter Title Subtitle Subtle En. Font Styles Problem 10-27 (LO 10-3) Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017 investing capital in the amount of 55,000 pounds. The pounds on a five-year note with 10 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 191,000 pounds a building that had a 10-year expected fife and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 2017 the subsidiary rented the building for three years to a group of local attorneys for 7,500 pounds per month. By year-end, rent payments totaling 75,000 pounds had been received, and 15,000 pounds was in accounts receivable. On October 1, 4,400 pounds was paid for a repair made to the building The subsidiary transferred a cash dividend of 11,800 pounds back to Sullivan's Island Company on December 31, 2017. The functional currency for the subsidiary is the pound. Currency exchange rates for 1 pound follow by subsidiary immediately borrowed 136,000 January 1, 2017 $2.20# 1 Pound October 1, 2017 2.251 December 31, 2017 2.28 Average for 2017 2.241 Prepare a statement of cash flows in pounds for Sullivan's Island Company's foreign subsidiary and then translate these amounts into U.S. dollars