3. Polar Company began operating a subsidiary in a foreign country on January 1,2011, by acquiring all of its common stock for 48,000 Euros, which was equal to fair value. The functional currency for the subsidiary is the Euro. Currency exchange rates for 1 Euro follow January 1, 2011 Average for 2011 December 31, 2011 e l-$ 1.5 El-$1.7 E1-S 1.9 Dividends were paid out on Dec 31, 2011. Translate the following 2011 income statement, into U.S. dollars. Suppose parentheses. Please sales are made evenly throughout the year. Credit balances are indicated by complete the following statement. Euro Rates USD Income Statement 84,000 24,000 Depreciation expense Interest expense Net income Statement of Retained Earnings Retained earnings, 1/1/2011 46 10,000 Retained earnings, 12/31/2011 Balance Sheet Cash and accounts receivable 29 Less: Accumulated Total assets 184 Notes payable Common stock Retained earnings 12/31/2011 Translation adjustment Total liabilities and equity (184,200)