22. Doner Company Inc. established a foreign subsidiary on January 1. Year 1. The subsidiary's financial statements in foreign currency (FC) for the year ended December 31. Year 1. appear as follows: Page 3 Balance Sheets January 1, Year 1 December 31, Year 1 Cash and receivables FC 20.000 FC 85.000 50.000 45.000 Property and equipment, net Total FC 70.000 FC 130.000 Payables FC 15.000 FC 15.000 55.000 Contributed capital Retained earnings 55.000 60.000 FC 130.000 Total FC 70.000 Income Statement Year 1 Revenues FC 100.000 (5.000) Depreciation Other expenses (35.000) Net income FC 60.000 Revenues and expenses occur evenly throughout the year. Revenues and other expenses are realized in cash during the year. General price indexes (GPI) and parent currency (PC) per FC exchange rates for Year 1 are as follows: Date General Price Index Exchange Rate (per FC) January 1. Year 1 Average for Year 1 160 PC 100 PC 70 PC 40 December 31, Year 1 Required: a Translate the foreign subsidiary's Year 1 foreign currency (FC) financial statements into parent currency (PC) using IFRS. b. Remeasure the foreign subsidiary's Year 1 foreign currency (FC) financial statements into parent currency (PC) using U.S. GAAP