This problem is adapted from our Chapter 10 exercise on the temporal method. Specifically, I have made a change to the in nge rate on the formation date of the subsidiary (from 0.50 to 0.52). Please update the worksheet accordingly following this change, ensuring to answer the specified blanks with clear labels. 1/1/2010: Subsidiary was formed; Ex. Rate was 9.50- 0.52. 1/1/2015; Exchange rate was 0.60 4/1/2015: Property was purchased; Ex. Rate was 0.62 W/15/2015: All the long-term debt were incurred; Ex., Rate was 0.63, 10/1/2015: Dividends were declared; Ex. Rate was 0.67 12/31/2015: Exchange rate was 0.68 Avg. Rate for 2 Revenue and cost of goods sold occurred uniformly throughout the year. Common Stock and APIC has remained constant since the establishment on 1/1/2010. STEP 1 they amortized. thus not listed in the balance sheet. The patent was secured on J()/2912. when Temporal Method Calculate (5) and (6) Should be Same Updated CHE Exchange Rate Rate USD USD Sales 3,000,000 064 A 1,920,900 STEP 2 Cost of Goods Sold (2,000.000) 0 64_A (1,280,000) Gross Profit 1,000,000 m's 640.000 Calculate (7) and (8) Should be Same CHIT Exchange Kate Kate USD USU Sales 3,000,000 0.64 A 1,920,000 STEP 3 Cost of Goods Sold (2.000,000) 0.64 A (1,280.000) Gross Profit 1,000,000 n/a 640,000 Depreciation Expense (35,000) 0.62 H (21,700) Amortization Expense (25,000) 0.58 H (14,500) Calculate (9) Other Expenses (1 10,000) 0.64 A (70.400) Income Before Taxes 830,000 n/a 533,400 Income Taxes (249,000) 0.64 A (159,360) Currency Exchange Gain Loss 0 wa (plug-in) 10 340 (9) ? Net Income 581,000 w/a (below) 384,380 (8)? Retained Earnings, 1/1 100,000 0.64 (given) 64.000 Net Income 581,000 n'a (plug-in) 384.380 (7)? Dividends (150,000) 0.67 H (100 500) Retained Earnings, 12/31 531,000 w/a (below) 347,860 (6)? Assets CHF Exchange Rate USD Cash 121,000 0.68 C 82,280 Accounts Receivable 100,000 0.68 C 68,000 Inventory (evenly acquired this year) 450000 0.64 A 288,000 Property and Equipment 1,000,000 0.62 H 620,00 Accumulated Depreciation (120.000) 0.62_ H (74.400) STEP 1 Total Assets 1,551,000 n/a 983,880 Calculate (5) and (6) Should be Same Accounts Receivable 100,000 0.68 C laventory (evenly acquired this 450000 064 A 288,000 Property and Equipment 1,000,000 0.62 H 620,000 STEP 2 Accumulated Depreciation (120.000) 0.62. H (74 400) Total Assets 1,551,000 /a 983,880 Liabilities and Equity Calculate (7) and (8) Should be Same Accounts Payable 500,000 0.68_C 340,000 Long-term Debt 200,000 0.68 C 136,000 Common Stock 100,000 0.50 H (1) 0.52 30,090 (2152,000 Additional PIC 220,000 0.50 H (310.52 140,090 (4)114,400 STEP 3 Retained Femings 12/31 531,000 m'a_plug-in 142,880 (517 OCI-Cumulative Trans Ad Total Liabilities and Equity 1,551,000 n'a (Total Assets) 983.880 Calculate (9) What is the amount in blank (9)7 Numeric Response