On January $1,2024,$ a U$.$S$.$ company purchased $\backslash (100\backslash \%\backslash )$ of the outstanding stock of Sunland Grains, a company located in Latz City, New Zealand. Sunland Grains was organized on January $1,2005.$ All the property, plant, and equipment held on January $1,2024,$ was acquired when the company was organized. The business combination was accounted for as a purchase transaction. The $2024$ financial statements for Sunland Grains, prepared in its local currency, the New Zealand dollar, are given here. Sunland GRAINS

Consolidated Income and Retained Earnings Statement for the Year Ended December $31,2024$

Revenues $3,208,000$

Cost of Goods Sold:

The account balances are computed in conformity with U$.$S$.$ generally accepted accounting standards.

Other information is as follows:

$1.$ Direct exchange rates for the New Zealand dollar on various dates were: $1.$ Direct exchange rates for the New Zealand dollar on various dates were:

$2.$ Sunland Grains purchased additional equipment for $103,000$ New Zealand dollars on July $1,2024,$ by issuing a note for $74,000$ New Zealand dollars and paying the balance in cash.

$3.$ Sales were made and purchases and "Other Expenses" were incurred evenly throughout the year.

$4.$ Depreciation for the period in New Zealand dollars was computed as follows:

$5.$ The inventory is valued on a FIFO basis. The beginning inventory was acquired when the exchange rate was $\backslash (\backslash$$ $0\mathrm{.}7480\backslash ).$ The ending inventory was acquired during the last four months of $2024.$

$6.$ Dividends of $43,500$ New Zealand dollars were paid on July $1$ and December $31.$

Translate the financial statements into dollars assuming that the local currency of the foreign subsidiary was identified as its functional currency. $($Round answers to $0$ decimal places, e$.$g$.5,125.$ Enter loss and debit translation adjustment using either a negative sign preceding the number e$.$g$.\backslash (-2,945\backslash )$ or parentheses e$.$g$.\backslash ((2,945)\backslash ))$

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: Balance Sheet

Totals

Totals

Totals