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ER Man 2. Assuming that the spot rate on 3/20/2018 is $0.845? Problem V: Avery, an American Company, acquired a subsidiary company in Spain on January 1, 2017 by buying all of the subsidiary's common stock. The subsidiary purchased the land for 300,000 euros on November 22, 2013 and the 1 building for 450,000 euros on July 1, 2017. The building is being depreciated over a 30-year life by the straight-line method. The inventory is valued on a LIFO basis. The beginning inventory was 50,000 euros. Purchase of inventory incurred evenly during the year. The euro is the subsidiary's functional currency and its reporting currency and has not experienced any abnormal inflation. Exchange rates for the euro on various dates were: 11/22/2013 1 $1.558 1/1/2017 1 - S1.385 7/1/2017 1 $1.532 12/31/2017 1 $1.620 2017 average rate 1 $1.570 Dividends declared 10/20/2017 1 $1.610 The subsidiary's adjusted trial balance is presented below for the year ended December 31, 2017 Draw High Page view A Read aloud 00 Add text Debits Rates In U.S. Cash 52,000 Accounts receivable 126,000 Inventory 35,000 Land 300,000 Building 450,000 Depreciation expense 7.500 Cost of goods sold 190.750 Other expenses 80,000 Dividends declared 10/20/2017 35.000 Total debits 1.276.250 Credits Accumulated depreciation 7,500 Accounts payable 225,000 Accrued liabilities 32.750 Common stock 100,000 Retained earning 380,000 Sales revenue 531.000 Total credits 1.276.250 Instructions: Prepare the subsidiary's: A Translated workpapers (round to the nearest dollar) B Translated income statement C Translated balance sheet