FRopceans Translated/Rameasured Trial Balances O y 1, 2019. UK shidia of US. national Corporation had the following condensed balance sheet, in pounds wering in millions . Liabilities and equity Accounts payable.. Long-term debt. 2.000 2.700 . 2,100 1.200 2,100 Assets Cash and rece .. Inventory FO. Plant Accumulated deprecation.. Total E . 5.00 Total s and equity.......... The exchange rate on January 1, 2019 was $1.2016. Inventory at January 1 was purchased when the et change rate was $1.18. Plant assets at January I were acquired when the exchange rate was 51 SOVE. Plant assets costing 200 million were purchased when the exchange rate was $1.227. Depreciation of 50 was taken on these plant assets in 2019. At the end of 2019, the subsidiary reported the following trial balance Dr (1) 2.000 2.500 100 2.200 (1,100 Cash and receivable.... Inventory ..... Planta ts. ****** Accumulated depreciation. Accounts payable. Long-term debt .. . Equity, January 1.. S . Cost of goods sold Depreciation exper . .. Other operating expenses Total. The ending inventory was purchased when the exchange was $1.28/, Sales and other operating expenses occurred evenly over the year. Al year-end, the change rate was $130/; the average for the year was 51 25C Required d. Prepare the reasured December 31, 2019 trial balance of the UK. subsidiary, assuming the US dollar is the functional currency of the subsidiary. Assume the remeasured balance of equity on Janu- ary 1, 2019 was 53,196 million. Prepare a schedule to calculate the remeasurement gain or loss for 2019. b. Repeat parte, assuming the pound is the functional currency of the subsidiary. Assume the translated balance of equity on January 1, 2019, is 32.520 million. Prepare a schedule to calculate the transla ton pain or loss for 2019