Livingston Company is a wholly owned subsidiary of Rose Corporation. Livingston operates in a foreign country with financial statements recorded in goghs (GH), the company’s functional cur¬ rency. Financial statements for the year of 2009 are as follows:

Income Statement For Year Ending December 31, 2009 LO6 Sales. GH 270,000 Cost of goodssold. (155,000)

Gross profit.115,000 Less: Operating expenses. (54,000)

Gain on sale ofequipment. 10,000 Netincome. GH 71,000 Statement of Retained Earnings For Year Ending December 31, 2009 Retained earnings,1/1/09. GH 216,000 Netincome. 71,000 Less: Dividends paid.(26,000)
Retained earnings, 12/31/09. GH 261,000 Balance Sheet December 31, 2009 Assets Cash.GH 44,000 Receivables. 116,000 Inventory.58,000 Fixed assets (net).339,000 Totalassets. GH 557,000 Liabilities and Equities Liabilities.GH 176,000 Commonstock. 120,000 Retained earnings, 12/31/09. 261,000 Total liabilities and equities.GH 557,000 Additional Information • The common stock was issued in 2004 when the exchange rate was $1.00 = 0.48 GH; fixed assets were acquired in 2005 when the rate was $1.00 = 0.50 GH.
• As of January 1, 2009, the Retained Earnings balance was translated as $395,000.
• The currency exchange rates for $ 1 for the current year follow:
January 1, 2009.0.60 goghs April 1,2009.0.62 September 1, 2009.0.58 December 31, 2009.0.65 Weighted average rate for 2009.0.63 • Inventory was acquired evenly throughout the year.
• The December 31, 2008, balance sheet reported a translation adjustment with a $85,000 debit balance.
• Dividends were paid on April 1, 2009, and a piece of equipment was sold on September 1, 2009.

Translate the foreign currency statements into the parent’s reporting currency, the U.S. dollar.