ABC, a company based in America, has a subsidiary, XYZ in China. XYZ financials are as follow: XYZ Financial (RMB million) Sales Expenses Net Income Monetary Assets Non-Monetary Assets Monetary Liabilities Common Stock Retained Earnings 2019 11,750 9,500 2,250 6,500 16,000 9,000 10,000 3,500 2018 7,000 5,400 1,600 6,000 14,000 8,750 10,000 1,250 Exchange Rate RMB/USD December 31 Avg Rate 2019 RMB 7.2029 = $1 RMB 7.7558 = $1 2018 RMB 7.8740 = $1 RMB 7.1422 = $1 Using the given exchange rates, translate XYZ's balance sheet and income statement using the temporal method and current rate method