3(23 points) Sam Company, an Italian enterprise. There was no revaluation for this acquisition. Sane decland and January 1, 2022, Power Corporation (a US company) paid Eare 450.000 squire all of the cock dividends of Euro 20,000 on December 23, 2022 The functional cuency of San was the Average exchange rate for 2022 was Euro 1-USSI 18. The exchange rate on January 1, 2022, was DSST:17. The exchange rate on December 23, 2022, was Euro 1-US$1.20. The exchange rate on December 31, 2022, was Euro 1-US$1 21 Sann's financial statements according to US GAAP Euro Net sales Income Statement Etchange rate US. Dulars Flate 1 680,000 Cost of goods sold 390,000 Other expenses 180,000 Net income 110,000 Retained earnings, 1/1/22 Statement of Retained Earnings 50,000 +Net income 110,000 -Dividends declared 20,000 Retained earnings, 12/31/22 140,000 Balance Sheet 1/1/22 12/31/22 Accounts receivable 280,000 320,000 Inventories 170,000 220,000 Total 450,000 $40,000 400,000 400,000 Common stock 50,000 140,000 Retained earnings Cumulative translation adjustment Total 1 450.000 540,000 (a) Determine the translation adjustment for 2022 by analyzing changes in exposed positions. You must show your calculations to receive credit. (b) Complete the above table for the translation of Sann's financial statements to US Dollars.