International Accounting Standard requirements. Prepare translated financial statements using (Total 20 marks) 1... Temporal Rate method (10 marks) 2. Current Rate Method (10 marks) U.S. Inc. owns Al Jishan LLC, a subsidiary in Sultanate of Oman which was established on January 1, 2019 Al Jishan LLC balance sheet items as of December 31, 2019, in OMR: Balance Sheet (Amt. in OMR) 31,046 Accounts payable Account receivable 39,514 Long Term Debt 99.914 Inventory 53.626 Total Liability 130,960 Fixed assets 198,980 Capital Stock 128,420 Acc. Do -11,290 Retained Earnings 52,496 Total Equity 180,916 Total Assets |311,876 Total Lia & Equity|311,876 Cash 31.046 Al Jishan's income statement for 2019, in OMR: Income Statement Sales 211,680 COGS 110,922 GROSS PROFIT 100,758 Less(-) SG&A Exp 22.860 Depreciation 6,774 Interest 19,812 Income Tax 20,000 NET PROFIT 31,312 Additional Information a) There was no opening inventory b) Inventory, which is carried at cost, was acquired evenly during the last quarter of 2019 c) Purchases were made evenly throughout the year d) Fixed assets were acquired on January 1, 2019 e) Capital stock was sold on January 1, 2019 Relevant exchange rates (U.S. dollar per OMR): January 1, 2019 $2.6 Average for 2019 $1.99 Average for 4th quarter 2019 $2.20 December 31, 2019 $2.35