Convert to US dollars with $$1\mathrm{.}44$ exchange rate

Required: 'The foliowing is S Co's djusted trial ba an '403 'iri British pounds: Sub Co Trial Balance in British Pounds Debits Cash Accounts receivable Inventory Plant assets Advance to parent Cost of sales Depreciation expense Wages and salaries expense Other expenses Dividends declared Credits Accumulated depreciation, plant assets Accounts payable Bonds payable Common stock Retained earnings Sales Exchange gain (on the advance to parent) Prepare the following: Triai 50,600 540,600 2,333 E 958,291 Convert Sub Co's accounts to US. dollars showing the exchange rate and US. dollar amount for each account. Prepare Sub Co's December 31, 2023 financial statements in U.S. dollars: Balance Sheet (in classified format), Income Statement (in multiple-step format) and Statement of Retained Earnings (ignore income tax expense), Prepare Sub Co's December 31, 2023 Statement of Cash Flows, assuming the following: No plant assets were purchased or sold during 2023 No bonds payable were issued (i.e., borrowed) or paid during 2023 No common stock was issued during 2023 - No common stock was purchased from stockholders (i.e., treasury stock) Any effects of foreign exchange rate changes are classified on the Statement of Cash Flows as "Effects of foreign exchange rate changes" (see the Discussion Case - FSA (Data) Excel file for an example of the format).