Assume instead that Stony Harbor is located in a different country and the local currency is the functional currency. See instructions below to perform an analysis using the current rate method. Ignore all previous EXCHANGE RATES - US DOLLAR FOR 1 LOCAL CURRENCY Year 2022 2023 2024 $ $ $ January 1 1.17610 August 1 December 31 Average $ 1.16705 $1.17560 $1.16505 $1.16670 $1.16800 1.16620 $ 1.16870 1.16510 $ 1.16352 $1.17541 Using the exchange rates presented, translate Stony Harbor's 12/31/2024 trial balance. For accounts that use historical rates and a date is not listed, use 1/1/22. Use the reconciliation at the bottom to help solve for the Retained Earnings beginning balance. It's been started for you. All yellow boxes need to be filled in. December 31, 2024 Trial Balances Revenues Cost of Goods Sold () means a credit balance Rate (750,000) US Dollars $ 602,000 $ - Operating Expenses 80,000 $ Depreciation and Amortization Retained Earnings - 1/1/24 25,000 (184,000) $ $(176,096) Dividends Declared - 8/1/24 16,000 $ Cash 115,490 $ Accounts Receivable 93,250 $ - Inventory 160,750 $ - Land 84,000 $ - Buildings (net) Software (net) Liabilities 51,000 19,000 (87,490) $ - $ - $ - Common Stock Additional Paid-in Capital (20,000) (205,000) $ - $ Translation Adjustment n/a Retained Earnings 1/1/23 Net Income 2023 Dividends 8/1/23 Retained Earnings 12/31/23 (1/1/24) (151,000) $(176,096) (45,000) $ 12,000 $ (184,000) $(176,096) Check your work for the current method only by calculating the translation adjustment using the changes in net assets. This method is shown in the PowerPoint slides and on page 497. Retained Earnings 1/1/24 Common Stock Additional Paid-in Capital Net Assets 1/1/24 Net Income 2024 Dividends 2024 Net Assets 12/31/24 Net Assets, 12/31/24 at current rate (184,000) $(176,096) (20,000) $ (205,000) $ (409,000) $(176,096) (43,000) $ 16,000 $ (436,000) $(176,096) (436,000) $ $ 176,096 Translation Adjustment Is the translation adjustment that you calculated recorded with a debit or credit? Do they have a net asset or net liability exposure?