A Trinidadian based Company Stephens Inc. acquired a 90% equity interest in a Jamaican based Company Sang Co. Ltd. on January 1, 2010. The cost of the investment was equal to the book value of the interest acquired. Stephens Inc. accounted for the transaction as a purchase. The following set of financial statements was provided by the Jamaican subsidiary in Jamaican dollars. Sang Co. Ltd Statement of Financial Position December 31, 2016 and 2017 Assets 2016 2017 Current Assets Cash $30,000 $40,000 Marketable Securities $50,000 $50,000 Accounts Receivable $100,000 $95,000 Inventory $20,000 $25,000 Total current assets $200,000 $210,000 Investments $100,000 $60,000 Fixed Assets Land $500,000 $500,000 Building $5,000,000 $5,900,000 Equipment Accumulated depreciation $1,000,000 $1,100,000 ($1,600,000) ($2,000,000) Total Assets $5,200,000 $5,770,000 Liabilities and Owners' Equity Current liabilities Accounts Payable $60,000 $70,000 Dividends Payable $30,000 $50,000 Current portion of Long term debt $100,000 $130,000 Total $190,000 $250,000 Long term debt $4,200,000 $4,370,000 Capital stock $500,000 $600,000 Retained earnings $310,000 $550,000 Total $5,200,000 $5,770,000 Sales Cost of sales Gross profit Depreciation Other expenses Net operating Income Sang Co. Ltd Statement of Comprehensive Income For the year ended December 31, 2017 $6,000,000 ($1,000,000) $5,000,000 ($400,000) ($4,500,000) $100,000 Gain on the sale of investments $300,000 Income taxes ($110,000) Net income $290,000 Sang Co. Ltd was incorporated on January 1, 1990 when all the plant and equipment were acquired. The long-term notes were issued to partly finance the purchase of the fixed assets. Direct exchange rates for J$1 January 1, 1990 T&T$0.50 Average for 2017 T&T $0.44 January 1, 2010 T&T $0.55 December 31, 2016 December 31, 2017 T&T $0.45 T&T $0.40 Average for November-December 2016 Average for November-December 2017 T&T $0.46 T&T $0.42 The beginning inventory was acquired during the period November-December 2016 and the ending inventory was acquired during the period November - December 2017. Revenues and expenses were evenly incurred during the year. Required: a) Translate the December 31, 2017 account balances of Sang Co. Ltd in T&T dollars using the temporal method. [20 marks] b) Prepare a schedule to compute the translation gain or loss for Perfect Company. [5 marks]