Using the CURRENT RATE METHOD. Please write clearly..

Problem 1. Chapter N Worth 20 points.) Great Balls of Fire (GBF) Manufacturing is a British subsidiary of RJK. Inc. us translate GBP's Balance Sheet and sealerwewe of he Current Rate US Dollars, Income and Earnings into Required: Using ...............sperE Relevant exchange rates stock was issued Rates in effect when capital 135 ..........................IAR December 31, 20x0. 1.53 Average for 20x1............................... ..........,,,,,156 December 31, 20x1............................................ Dividend rate, June 30, 20 Retained Earnings, December 31, 20x0 (current rate method) S11,500 Balance Sheet, GBF Mfg., at December 31, 20x1, Pounds Sterling Gn thousands) Current Assets Cash and receivables Inventory Fixed Assets Land. ...........3,000 Building (cost 10,000). Equipment (coste 10,000) Total .......................7,000 .4.000 14,000 Total Assets ....................22,500 Liabilities and Stockholders' Equity 5,500 Current Liabilities Long-term liabilities Notes Payable Deferred Income Taxes. 2,500 Stockholders' Equity ................5,000 Capital Stock Retained Earnings Accumulated translation adjustment Total Liabilities and Stockholders' Equity 22.500