Citco, US$-$based company, establishes a wholly$-$owned subsidiary, Casa Linda, in Acapulco Mexico on January $31,2024$ by investing $$60$ USD. Exchange rate between the USD and the Mexican Peso is $$16\mathrm{.}898$

In addition, Casa Linda performs the following transactions during the month of January:

$1)$ Takes out loans from local banks for $4,000$ pesos to be paid in $6$ months

$2)$ Purchase Equipment for $9,000$ pesos in cash

$3)$ Cash balance is $1,000$ pesos

REQUIRED:

$1.$ Prepare initial Balance Sheet for Casa Linda

$2.$ Prepare the consolidated balance sheet for Citco at end of January and February $($Assume currency exchange rates at end of February are $$21\mathrm{.}153)$

$3.$ Calculate net currency exchange impact $($Gain$/$Loss$)$

Citco Balance Sheet $($Post investment$)$

Asset Current Liabilities

Investments $ $2,200\mathrm{.}00$ Loans Payable $ $1,200\mathrm{.}00$

Cash $ $1,200\mathrm{.}00$

Equipment $ $3,000\mathrm{.}00$ Equity $ $5,200\mathrm{.}00$

Total Assets $ $6,400\mathrm{.}00$ Total L&E $ $6,400\mathrm{.}00$