Completion Status: AUS Company formed a new subsidiary company in London on January 1, 2020, by investing 500,000 pounds in common stock equity, The subsidiary purchased land for 100,000 pounds and a building for 300,000 pounds on July 1, 2020. The inventory is valued on an average cost basis. The building is being depreciated over a 40-year life by the straight-line method Direct exchange rates for the pound (E) to US dollar (S) were, January 1, 2020 July 1, 2020 December 31, 2020 2020 average rate 1 $1.54 1 $1.52 1 $1.48 1 $1.51 You have been provided with the subsidiary's income statement for the year and balance sheet as af December 31, 2020 in pound () You are required to use the 'current rate method' to translate the income statement and balance sheet to US dollar $, by filling in the blanks: Sales revenue Cost of goods sold Depreciation expense Other expenses Net income London Subsidiary Income Statement for the Year Ended December 31, 2020 443,000 USD-S 668 930 213,750 322.763 3,750 90,000 135,900 135,500 London Subsidiary Balance Sheet as at December 31, 2020 Assets Cash 200,000 Accounts receivable 60,000 USD -$ 296,000 88 800 Inventory 80,000 Land 100,000 Building-NBV (300,000-3,750) 296,250 Total Assets 736,250 TOTAL Liabilities and equities Accounts payable Accrued babilities Common stock Retained earnings Translation adjustment Total liabilities and equity 84,000 16,750 500,000 135,500 0 736,250 TOTAL