Ginvold Co. began operating a subsidiary in a foreign country on January 1, 2019 by acquiring all of the common stock for 50,000 Stickles, the local currency. The subsidiarys functional currency is the Stickle (). Currency exchange rates were as follows:

January 1, 2019 1 = $2.40

October 1, 2019 1 = $2.22

Average for 2019 1 = $2.28

December 31, 2019 1 = $2.16

On January 1, 2019, this subsidiary borrowed 120,000 on a five-year note with ten percent interest payable annually. The first payment is due on January 1, 2020.

Also on January 1, 2019, the subsidiary purchased a building for 170,000. This property had a ten-year anticipated life and no salvage value and was to be depreciated using the straight-line method.

The building was immediately rented for three years to a group of local doctors for 6,000 per month. By year-end, payments totaling 60,000 had been received. On October 1, 5,000 were paid for a repair made on that date. That was the only transaction of this kind for the year.

The subsidiary paid a cash dividend of 6,000 to Ginvold on December 31, 2019.

Required: Prepare an income statement for the year ended December 31, 2019, for this subsidiary. Prepare the income statement in stickles. and then translate these amounts into U.S. dollars.