Given below are comparative foreign curreney balance sheets at December 31, 2015 and 2016, and a statement of income for the year ended December 31, 2016, for BN Corporation, a wholly-owned foreign subsidiary of a U.S. company. The statements conform with U.S. generally accepted accounting principles before translation to U.S. dollars. Capital stock was issued and fixed assets acquired when the exchange rate was FC1 - S.17. Inventories at January 1, 2016, were acquired during the fourth quarter of 2015. Purchases (FC 6.250), sales, other expenses, and dividends (FC 690) occurred evenly during 2016. Retained earnings in U.S. dollars at December 31, 2015, under the temporal method were S316. Exchange rates were as follows: FCI - S.23 January 1, 2016 December 31, 2016 Average during 2016 Average during fourth quarter, 2015 Average during fourth quarter, 2016 FC1 =S.18 FCI =S.22 FC1 -S.23 FCI -S.19 Financial Statements of BN Corporation Balance Sheet 12/31/2015 12/31/2016 Cash Accounts receivable (net) Inventories (lower of FIFO cost or market) 1,200 Fixed assets (net) Total assets FC 300 1,300 FC 500 1,000 1,500 8,000 FC 11.000 9,000 FC 11,800 Accounts payable Long-term debt Capital stock Retained carnings Total liabilities and owners' equity FC 2,200 4,400 2,000 3.200 FC 11.800 FC 2,400 3,000 2,000 3,600 FC 11.000 Income Statement Year ended 12/31/16 Sales Expenses Cost of sales Depreciation (straight-line) Other FC 10,000 5,950 1,000 1.493 8,443 FC Operating income Income taxes Net income 1,557 467 FC 1.090 Income Statement Year ended 12/31/16 FC 10,000 Sales Expenses Cost of sales Depreciation (straight-line) Other 5,950 1,000 8,443 FC 1,557 467 FC 1.090 1.493 Operating income Income taxes Net income Required: Prepare the 2016 translated income statement and balance sheet for BN Corporation using (a) the current rate method and (b) the temporal method.