algorithmic problem 10-26 Sve Help Save & Exit Submit Check my word Problem 10-26 (Algo) (LO 10-3) Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2020. by Investing capital in the amount of 80.000 pounds. The subsidiary immediately borrowed 190,000 pounds on a five year note with percent interest payable annually beginning on January 1 2021 The subsidiary then purchased for 270.000 pounds a building that had a 10 year expected and no salvage value and is to be depreciated using the straight-line method Also on January 1 2020, the subsidiary rented the building for three years to a group of fochi attorneys for 8.500 pounds per month. By year-end. rent payments totaling 85.000 pounds had been received, and 17.000 pounds was in accounts receivable On October 1, 2020, 3.400 pounds was paid for a repair made to the building The subsidiary transferred a cash dividend of 11750 pounds back to Sullivan's Island Company on December 31, 2020. The functional currency for the subsidiary is the pound. Currency exchange rates for 1 pound follow Jary 1, 2020 October 1, 2020 December 31, 2020 AV Tor 1070 $5.00 Pound 5.05 - 3.01 - 1 3.04 - Prepare an income statement statement of retained earnings, and balance sheet for this subsidiary in pounds and then translate these amounts into US doo Complete this question by entering your answers in the tabs below. Ime ang Basheet Prepare a mentinedring to be deducted indicated in a 10 points Income Statement Retained Earnings Balance Sheet Prepare a Income Statement. (Amounts to be deducted should be indicated by a minus sign.) eBook Print SULLIVAN'S ISLAND COMPANY Income Statement For the Year Ended December 31, 2020 Pounds U.S. Dollars Rent revenue 102,000 $ 310,080 Interest expense (15,200) Depreciation expense (27,000) Repair expense (3,400) Net income 56,400 $ 310,080 me sent Retained Earnings> Complete this question by entering your answers in the tabs below. eBook Income Statement Retained Earnings Balance Sheet Print Prepare a statement of Retained earnings. (Amounts to be deducted should be indicated by a minus sign.) SULLIVAN'S ISLAND COMPANY Statement of Retained Earnings For the Year Ended December 31, 2020 Pounds U.S. Dollars Retained earnings, 1/1 Retained earnings, 12/31 0 $ Income Statement Retained Earnings Balance Sheet 10 Dos Prepare a Balance Sheet. (Amounts to be deducted should be indicated by a minus sign.) U.S. Dollars Print SULLIVAN'S ISLAND COMPANY Balance Sheet December 31, 2020 Pounds Assets Cash Accounts receivable Building Accumulated depreciation $ 215,138 52,360 831,600 (83.100) 0 $ 1,015,938 Total assets Liabilities and Equities 5 46,810 585.200 240,000 136.232 600 Total liabilities and equities O $1,015.038