Advanced Accounting II Chapter 13-Foreign Currency Financial Statements Translations Problem . ANA Inc. owns 100% of a German firm that had the following transactions relative to their equipment account: January 1, 2017, purchased equipment for 50,000 euros July 1, 2017, purchased equipment for 30,000 euros. January 1, 2018, purchased equipment for 75,000 curos. July 1, 2018, sold equipment purchased on January 1,2017 for 48,000 euros. The following exchange rates could be relevant Date January 1, 2017 July 1, 2017 December 31, 2017$0.53 December 31, 2018 Average 2017 curo/S Date 0.50 January 1, 2018 s0.52 July 1, 2018 curo/S S0.53 $0.50 $0.49 $0.51 0.515 Average 2018 Instructions: Assuming that the U.S. dollar is the functional currency and that the German firm uses straight-line depreciation over a 5-year period with a 10% salvage value, determine the following: a. The value of the depreciation expense for 2018. b. The value of the equipment account (net) on December 31, 2018. c. The amount of the gain or loss resulting from the July 1,2018, sale. d. The amount of the depreciation, equipment, and gain or loss, if euro is the functional currency