A parent company (U.S.), on January 2, 2020, purchased a 100% interest in a subdivision located in Germany. Sales were earned and operating expenses were incurred evenly during the year. Exchange rates for the euro at various dates are: 1.322 1.365 1.345 January 2, 2020 December 31, 2020 Average for 2020 Dec. 10, 2020, dividends declared & paid 30-Jun-2017 20-May-2018 1.350 1.212 1.281 Required: Translate the year-end financial statements of the foreign subsidiary using the temporal method (Round numbers to the nearest dollar). Translation of Financial Statements to U.S. Dollars For Year Ended December 31, 2020 Income Statement euro Exc. Rate U.S. Dollars Revenues 525,000 $ Depreciation (20,000) $ $ (360,000) Operating exp. excld. Depreciation Translation G/L $ 145,000 $ Net income Statement of Retained Earnings 270,000 $ Beginning retained earnings Net income 145,000 $ Dividends declared and paid (55.000) $ 360,000 $ Ending retained earnings Balance Sheets Cash $ 100,000 Accounts receivable 205,000 $ 200,000 $ Plant and equipment (net) (purchased 5/20/2018) Land (purchased 6/30/2017) 125,000 $ $ Total Assets 630,000 Accounts payable 80,000 $ $ Long-term N/P (issued 5/20/2018) 100,000 $ 90,000 Common stock (issued 6/30/2017) Retained earnings Total Liabilities & Equity 360,000 $ 630,000 $