3. Foreign Currency Translation - Current Rate Method On January 1, 2020, Pratt Corporation, a US based company purchased Somar Company located in Kuwait Somar's functional currency is Kuwait dinar Direct exchange rates for the Kuwait dina are: January 1, 2020 $.4620 December 31, 2020 3980 Average for 2020 4200 Dividend declaration date 4460 Complete the following translation worksheet using the current rate method Kuwait U.S. Dinar Rate Dollars Combined Income Statement and Retained Earnings Revenues 360.000 132,000 Operating Expenses Net Income 228.000 Retained Earnings, Jan 1 84.000 Dividends 96.000 216,000 Retamed Earnings, Dec 31 Balance Sheet Cash and Receivables 276.000 228,000 Property, Plast & Equipment 504,000 Total Assets 126.000 Account Payable 162,000 Como Stod 216,000 Bundang me Tradios Ad 104000 TAE