A Grades forC X A Grades for!) X A Week5-Ass X M Question4- x A Grades forC x t Paraphrasing X v: Dashboard X A Student Porl X A ACC408; lnt> X + ( C i eztotmheducationtcomr L " 211mlmum:u:-tm, Ll'l:i ,1 w ', 1 T '1 ,, , , , [1] {z j I] a: (:Update \\ Week 5 - Assignment 2 0 Saved Help Save& Exit Submit Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2020, by investing capital in the amount of 104,000 pounds The subsidiary immediately borrowed 250,000 pounds on a five-year note with 8 percent interest payable annually beginning on January 1, 2021' The subsidiary then purchased for 354,000 pounds a building that had a 10-year expected life and no 1 salvage value and is to be depreciated using the straight-line method Also on January 1, 2020, the subsidiary rented the building for pews three years to a group of local attorneys for 9,100 pounds per month By year-end, rent payments totaling 91,000 pounds had been received, and 18,200 pounds was in accounts receivable. On October 1, 2020, 4,600 pounds was paid for a repair made to the building. The subsidiary transferred a cash dividend of 11,450 pounds back to Sullivan's Island Company on December 31, 2020. The functional currency for the subsidiary is the pound Currency exchange rates for1 pound follow: eEook January 1, 2020 $2.10 = 1 Pound _ October 1, 2020 2.15 = 1 H December 31, 2020 2.18 = 1 Print Average for 2020 2.14 = l i Magma Prepare an income statement, statement of retained earnings, and balance sheet for this subsidiary in pounds and then translate these amounts into US. dollars. Complete this question by entering your answers in the tabs below. Income Retained Statement Earnings Balance Sheet Prepare a Income Statement. (Amounts to be deducted should be indicated by a minus sign.) SULLWAN'S ISLAND COMPANY Income Statement For the Year Ended December 31, 2020 Pounds U.S. Dollars % .<.t>