Blue Sky Corporation, a U.S.-based company, invested 11 million Polish zloty in Green Mountain Company in Lodz, Poland, on January 1, Year 2, when the exchange rate for the Polish zloty (PLN) was $0.255. $2.5 million of the $11M zloty was recorded in Common Stock and $8.5 million was recorded in Additional Paid in Capital. The financial statements of Green Mountain as of December 31, Year 2, one year later, are presented on the following page: Additional information: . The December 31, Year 2, ending inventory of PLN 4,150,000 was acquired evenly throughout the fourth quarter of Year. The January 1, Year 2 beginning inventory was zero. All fixed assets were on the books when the subsidiary was acquired as follows: PLN 12,500,000 of equipment which was acquired on January 3, Year 2 PLN 17,000,000 in buildings and PLN 2,000,000 in land was acquired on August 5, Year An Additional PLN 500,000 of land was acquired on December 15. An Additional PLN 1,500,000 of land was acquired on December 20. Dividends were declared and paid on December 15, Year 2 Exchange rates for Year 2 are: January 1, Year 2 0.22 January 3, Year 2 0.25 Average Year 2 0.245 August 5, Year 2 0.27 Fourth quarter, Year 2 0.23 December 15, Year 2 0.21 December 20, Year 2 0.18 December 31, Year 2 0.21 The Year 2 financial statements for Green Mountain Company are on the next page.Income Statement and Statement of Retained Earnings PLN Sales 21,000,000 Cost of goods sold -8,000,000 Depreciation expense-equipment -1,250,000 Depreciation expense-building -700.000 Research and development expense -800.000 Other expenses (including taxes) -500.000 Income before remeasurement gain 9,750,000 Remeasurement gain/loss, Year 2 Net income 9,750,000 Plus: Retained earnings, 1/1/Y2 0 Less: Dividends paid -850,000 Retained earnings, 12/31/Y2 8.900,000 Balance Sheet Cash 8,800,000 Accounts receivable (net) 1.650,000 Inventory 4,150,000 Equipment 12,500,000 Less: accumulated depreciation -1,250.,000 Building 17,000,000 Less: accumulated depreciation -700,000 Land 4,000,000 Total assets 46,150,000 Accounts payable 1,250,000 Long-term debt 25,000,000 Common stock 2.500,000 Additional paid-in capital 8,500,000 Retained eaming 8.900.000 AOCI Translation Gain/Loss Adjustment Total 46,150,000 Required 1. Translate Green Mountain's financial statements into U.S. dellars in accordance with U.5. GAAP at December 31, Year 2 and prove put the Foreign Exchange gain or loss through a reconciliation schedule: 4. Assuming the Polish zloty is the functional currency. b. Assuming the U.5. dollar is the functional currency. Please provide schedules for any calculations for any account that is a mix rate (i.e., cost of goods sold)