Lee Co. began operating a subsidiary in a foreign country on January 1, 2021 by acquiring all of the common stock for 50,000 Foreign Currency Units (FCU), the local currency. The functional currency for the subsidiary was the FCU. The following transactions occurred: This subsidiary immediately borrowed 200,000 (FCU) on a five-year note with ten percent interest payable annually beginning on January 1, 2022. A building was then purchased for 250,000 (FCU) on January 1, 2021. 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 8,000 (FCU) per month. By year-end, payments totaling 88,000 (FCU) had been received. On October 1, 7,000 FCU were paid for a repair made on that date and it was the only transaction of this kind for the year. A cash dividend of 9,000 FCU was transferred back to Lee on December 31, 2021. Currency exchange rates were as follows: January 1, 2021 1 FCU $2.50 October 1, 2021 1 FCU $2.35 Average for 2021 1 FCU $2.40 December 31, 2021 1 FCU $2.20 Prepare an income statement and statement of retained earnings for this subsidiary in FCU and then translate the amounts into U.S. dollars.