A U$.$S$.$ parent owns all of the stock of an Italian subsidiary. The subsidiary's January $1$ and December $31,2023$ trial balances are as follows, in euros:

December $31,2023$ January $1,2023$

Dr $($Cr$)$ Dr $($Cr$)$

Cash, receivables $180,000200,000$

Inventories, at FIFO cost $500,000400,000$

Plant & equipment, net $1,300,0001,600,000$

Liabilities $(1,080,000)(1,400,000)$

Capital stock $(200,000)(200,000)$

Retained earnings, beginning $(600,000)(600,000)$

Dividends $100,000$

Sales revenue $(4,000,000)$

Cost of goods sold $2,300,000$

Depreciation expense $300,000$

Out of pocket expenses $1,200,000$

$00$

Sales, purchases, and recurring out of pocket expenses occurred evenly throughout the year. Exchange rates$($$$/)$ are:

January $1,2023$ $ $1\mathrm{.}15$

Average for $20231\mathrm{.}20$

Rate when dividends declared $1\mathrm{.}22$

December $31,20231\mathrm{.}25$