Problem V: Ameri Company acquired a subsidiary company in London on January 1, 2019 by buying all of the subsidiary's common stock. The subsidiary purchased the land for 650,000 pounds on November 22,2016 and the building for 420,000 pounds on July 1, 2019. The building is being depreciated over a 30 -year life by the straight-line method. The inventory is valued on a LIFO basis. The beginning inventory was 150,000 pounds. Purchase of inventory incurred evenly during the year. The British pound is the subsidiary's functional currency and its reporting currency and has not experienced any abnormal inflation. Exchange rates for the pound on various dates were: 11/22/20161pound=$1.555 The subsidiarv's adiusted trial halance is nresented helow for the vear ended December 31,2019. Instructions: repare the suosiaiary s: A. Translated workpapers (round to the nearest dollar) B. Translated income statement C. Translated balance sheet Problem VI: Using the information provided in Problem V, use the temporal method instead of the current rate method. Instructions: Prepare the subsidiary's: A. Translated workpapers (round to the nearest dollar) B. Translated income statement C. Translated balance sheet Problem V: Ameri Company acquired a subsidiary company in London on January 1, 2019 by buying all of the subsidiary's common stock. The subsidiary purchased the land for 650,000 pounds on November 22,2016 and the building for 420,000 pounds on July 1, 2019. The building is being depreciated over a 30 -year life by the straight-line method. The inventory is valued on a LIFO basis. The beginning inventory was 150,000 pounds. Purchase of inventory incurred evenly during the year. The British pound is the subsidiary's functional currency and its reporting currency and has not experienced any abnormal inflation. Exchange rates for the pound on various dates were: 11/22/20161pound=$1.555 The subsidiarv's adiusted trial halance is nresented helow for the vear ended December 31,2019. Instructions: repare the suosiaiary s: A. Translated workpapers (round to the nearest dollar) B. Translated income statement C. Translated balance sheet Problem VI: Using the information provided in Problem V, use the temporal method instead of the current rate method. Instructions: Prepare the subsidiary's: A. Translated workpapers (round to the nearest dollar) B. Translated income statement C. Translated balance sheet