10.00 points Fenwicke Company organized and began operating a subsidiary in a foreign country on January 1, 2015, by investing LCU 12,000. This subsidiary Immediately borrowed LCU 180.000 on a five-year note with 8 percent interest payable annually beginning on January 1, 2016. The subsidiary then purchased for LCU 252,000 a building that had a 10-year anticipated life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, the subsidiary rents the building for three years to a group of local doctors for L.CU 5,500 per month By year-end, payments totaling LCU 55,000 had been recolved on October 1, LCU 4,000 was paid for a repair made on that date. The subsidiary transferred a cash dividend of LCU 5,500 back to Fenwicke on December 31, 2015. The functional currency for the subsidiary is the LCU. Currency exchange rates for 1 LCU folow January 1, 2015 October 1, 2015 Average for 2015 December 31, 2015 $ 2.50 - 1LCU 2.30 = 1 2.45 = 1 2.40 1 Prepare an income statement, statement of retained earnings, and balance sheet for this subsidiary in LCU and then translate these amounts Into US dollars (Amounts to be deducted should be indicated by a minus sign.) FENWICKE COMPANY SUBSIDIARY Income Statement For the Year Ended December 31, 2015 LCU U.S. Dollars FENWICKE COMPANY SUBSIDURY Statement of Retained Earnings For the Year Ended December 31, 2015 LCU U.S. Dollars Retained earnings 1/1 Type here to search O E FENWICKE COMPANY SUBSIDIARY Statement of Retained Earnings For the Year Ended December 31, 2015 LCU U.S. Dollars Retained earnings, 11 Retained earnings, 12/31 FENWICKE COMPANY SUBSIDIARY Balance Sheet December 31, 2015 LCU U.S. Dollars Assets Total assets Liabilities and Equities Total abilities and equities Type here to search O ii E CE