Assignment Point Value = 20 points 1A U.S. company with a June 30 fiscal year-end established a subsidiary in Singapore on 2020. Following is information on the activities of the subsidiary during fiscal 20 Singapore dollars (S$): Subsidiary Balance Sheets July 1, June 30, July 1, June 30, 2020 2021 2020 2021 Cash S$ 10,000 S$ 17,000 Liabilities 5$100,000 S$ 95. Accounts receivable 0 8,000 Capital stock 250,000 250 Retained Inventories (cost) 40,000 50,000 earnings 10 Plant assets, net 300,000 280.000 Total 5$350,000 S$355.000 Total 5$350.000 5$355 The following events occurred during fiscal 2021: 1. Sales (evenly through the year) 5$800,00 Inventory purchases (all for cash, evenly through the year) 400,00 3. Cost of goods sold 390,00 4. Purchase of plant assets for cash (on November 1, 2020) 50,00 5. Depreciation expense (S$60,000 on the plant assets acquired July 1, 2020, S$10,000 on the plant assets purchased November 1, 2020) 70,00 6. Other operating expenses (all for cash, evenly through the year) 330,00 Exchange rates are as follows ($/S$): July 1, 2020 $0.69 November 1, 2020 0.70 March 15, 2021 0.72 June 30, 2021 0.74 de for fiscal 2071 0 71