4. On 1 January 2015 , Blanket L fo acquired 80% of the crdinary shaces of a subsidiary, Sheel Org Sheal Org trades in the currency "pens" The summary income statement and statement of finenciat posfiof of sheet Org are given as follows Statement of Financial Position as at 31 December 2022 Income Statement for the year ended 31 December 2022 The following information is also available: 1 No change to the share capital of Sheet org has taken place since it was acquired by Blanket Lldd. 2 Non-current assets were acquired on 1 January 2015 3 Opening inventories were acquired on 12 November 2021 and closing inventories were acquired on 15 December 2022 5 The franslated retained earnings brought forward for Sheet Org is 73,500 under the inethod for translating into the functional currency (temporal method). Required (a) In what circumstances should the method of translating into the functional currency (the temporal method) be used? Discuss two advantages and two disadvantages of translating into the functional currency (the temporal method). Your answer to this part of the question should not be more than 210 words ( 7 marks) (b) How does the method of translating into the functional currency (the temporal method) differ from the method of translating into the presentation currency (the closing rate method)? Your answer to this part of the question should not be more than 90 words. (3 marks) c) Translate the income statement for the year ended 31 December 2022 and statement of financial position as at 31 December 2022 for Sheet Org using the method of translating into the functional currency (the temporal method)