Could you please help me solve this question? I have attached the problem.

1 Question 2 In 2015, Corbus Co., a Canadian company, created a foreign subsidiary called Snazzy Ltd. by investing $2,000,000 CAD (800,000 FC) in return for all of Snazzy's common shares. In preparing to start operations, Snazzy acquired equipment for 960,000 FC and took out a 320,000 FC loan. Snazzy is committed to repaying the loan in 3 years. In 2016, Snazzy acquired a tract of land for 320,000 FC. All dividends were paid on December 31 of the years in which they were declared. Snazzy's financial statements for its first 2 years of operations are presented below. ACCT451v12 Assignment 3 September 4, 2014 2 Snazzy Ltd. Statement of Financial Position As of December 31 (in FC) 2016 Assets: Current assets: Cash Accounts receivable $ Noncurrent assets: Land Equipment Accumulated amortization 48.000 64,000 112,000 320,000 960,000 (192,000) 1,088,000 $ 1,200,000 Total assets Liabilities and shareholder's equity: Current liabilities: Accounts payable Noncurrent liabilities: Loan payable Shareholder's equity: Share capital Retained earnings Total liabilities and shareholder's equity Net and comprehensive income ACCT451v12 Assignment 3 $ 256,000 48,000 304,000 960,000 (96,000) 864,000 $ 1,168,000 16,000 32,000 320,000 336,000 320,000 352,000 800,000 _64,000 864,000 $ 1,200,000 800,000 _16,000 816,000 $ 1,168,000 Snazzy Ltd. Statement of Comprehensive Income For the year ended December 31 (in FC) 2016 Revenue Expenses: Amortization Interest Other expenses 2015 2015 $ 480,000 $ 352,000 96,000 64,000 192,000 352,000 $ 128,000 96,000 64,000 128,000 288,000 $ 64,000 September 4, 2014 3 Snazzy Ltd. Statement of Changes in Equity - Retained Earnings Section For the year ended December 31 (in FC) 2016 Retained earnings, beginning of year Net income Dividends declared Retained earnings, end of year $ 16,000 128,000 (80,000) $ 64,000 2015 $ 64,000 (48,000) $ 16,000 Selected exchange rates when the equipment was purchased when the loan was negotiated when the land was purchased average during 2015 December 31, 2015 Average during 2016 December 31, 2016 a) 1FC = $2.30 CAD 1FC = $2.40 CAD 1FC = $1.90 CAD 1FC = $2.20 CAD 1FC = $2.00 CAD 1FC = $1.70 CAD 1FC = $1.50 CAD Assume that Snazzy's functional currency is the FC. i) Translate Snazzy's 2015 financial statements using the appropriate method. ii) Independently calculate the translation gain/loss. iii) Repeat (i) and (ii) for 2016. b) Assume that Snazzy's functional currency is the FC. i) Translate Snazzy's 2015 financial statements using the appropriate method. ii) Independently calculate the translation gain/loss. iii) Repeat (i) and (ii) for 2016 ACCT451v12 Assignment 3 September 4, 2014