Assume that your company owns a subsidiary operating in Great Britain. The subsidiary maintains its books in the British pound (GBP) as its functional currency. The subsidiary's financial statements (in GBP) for the most recent year follow in part a. below: The relevant exchange rates for the $US value of the British pound (GBP) are as follows: BOY rate $1.40 EOY rate $1.47 Avg. rate $1.43 PPE purchase date rate $1.44 LTD borrowing date rate $1.44 Dividend rate $1.45 Historical rate (common stock and APIC) $1.20 a. Translate the subsidiary's income statement, statement of retained earnings, balance sheet, and statement of cash flows into SUS (assume that the BOY Retained Earnings is $922,686). Income statement: (In GBP) Translation Rate In US Dollars Sales 2,250,000 Cost of goods sold (1,350,000) $ Gross Profit 900,000 Operating expenses (585,000) Net income 315,000 Statement of retained earnings: BOY retained earnings 1,181,200 $922,686 Net income