AUS multinational enterprise, on January 2, 2020 acquired all the outstanding common stock of Tammy Company, which is located in a country whose currency is the Australian dollar (AS). The Australian dollar is the functional currency of Tammy For 2018, exchange rates for the Australian dollar were as follows: A$1 = $0.93 S0.98 Average for the Jan. 2 Dec. 31 year $0.95 RequiredTranslate the 2020 financial statements of the subsidiary o U.S. dollars from Australian dollar (Round numbers to the nearest dellat). Translation of Financial Statements to U.S. Dollars For Year Ended December 31, 2020 A$ Exchange Rate U.S. Dollars Income Statement 75.000 $ Net sales (53.500) Costs and expenses 21.500 $ Net income Statement of Retained Earnings 22,000 $ Retained earnings, beginning of year 21.500 Net income 43,500 Subtotal (4.300) Di declared/pold 19/31/2020 43,500 $ Subtotal (4,300) $ Div declared/paid 12/31/2020 39.200 $ Retained earnings, end of year Balance Sheet Assets 51,500 $ Current assets 566.000 $ Plant assets (net) 617.500 S Total assets Liabilities & Stockholders' Equity 36,300 $ Current liabilities 264,000 $ Long-term debt 120,000 Common stock 158,000 $ Additional pald-in capital 39.200 Retained earnings Translation adjustment 617.500 Totallatilities stockholders