Apex Aurelia is a wholly owned subsidiary of U.S.-based Apex Consolidated, Inc. Apex Aurelia operates in a foreign country, Aurelia, with financial statements recorded in bolivars (AB), the companys functional currency. Financial statements for 2021 are as follows:

Income Statement for Year Ended December 31, 2021
Sales	AB 270,000
Cost of goods sold	(155,000)
Gross profit	115,000
Less: Operating expenses	(54,000)
Gain on sale of equipment	10,000
Net income	AB 71,000

Statement of Retained Earnings for Year Ended December 31, 2021
Retained earnings, 1/1/21	AB 216,000
Net income	71,000
Less: Dividends	(26,000)
Retained earnings, 12/31/21	AB 261,000

Balance Sheet for Year Ended December 31, 2021
Assets
Cash	AB 44,000
Receivables	116,000
Inventory	58,000
Property, plant, and equipment (net)	339,000
Total assets	AB 557,000
Liabilities and Equities
Liabilities	AB 176,000
Common stock	120,000
Retained earnings, 12/31/21	261,000
Total liabilities and equities	AB 557,000

Additional Information

The common stock was issued in 2014 when the exchange rate was $2.08 per AB; property, plant, and equipment was acquired in 2015 when the rate was $2.00 per AB.

As of January 1, 2021, the retained earnings balance was translated as $396,520.

The U.S.$ per AB exchange rates for 2021 follow:

January 1 $1.67

April 1 1.61

September 1 1.72

December 31 1.54

Weighted average 1.59

Inventory was acquired evenly throughout the year.

The December 31, 2020 balance sheet reported a translation adjustment with a debit balance of $85,000.

Dividends were declared on April 1, 2021, and a piece of equipment was sold on September 1, 2021.

Required

Assume that the bolivar is Apex Aurelias functional currency. Translate the 2021 foreign currency financial statements into the parents reporting currency, the U.S. dollar.