Living ston Company is a wholly owned subsidiary of Rose Corporation. Livingston operates in a foreign country with financial statements recorded in goghs (GH), the company's functional currency. Financial statements for the year of 2017 are as follows: 31, 2017 Sales Cost of goods sold Gross profit Less: Operating expenses Gain on sale of equipment GH 270,000 (155,000) 115,000 54, 000) 10.000 GH 71,000 GH 216,000 71,000 (26,000 GH 261,000 GH 44,000 116,000 58,000 339,000 GH 557,000 Cash Inventory Property, plant and equipment (net) Total assets GH 176,000 120,000 261,000 GH 557,000 Retained earnings, 12/31/17 Total liabilities and equities Additional Information Total 1iaDilities and equities Additional Information . The common stock was issued in 2010 when the exchange rate was $2.08 per GH: property, plant, and equipment was acquired i 2011 when the rate was $2.00 per GH As of January 1, 2017, the retained earnings balance was translated as $396,520. The U.S.$ per GH exchange rates for 2017 follow 1.61 1.72 1.54 1.59 April 1 September 1 31 Weighted average Inventory was acquired evenly throughout the year. .The December 31, 2016, balance sheet reported a translation adjustment with a debit balance of $85,000 Dividends were declared on April 1, 2017, and a piece of equipment was sold oh September 1, 2017. n Company's functional currency. Translate the 2017 foreign currency financial statements into the Assume that the gogh is Livingsto parent's reporting currency, the U.S. dollar Complete this question by entering your answers in the tabs below. Prepare an I (Amounts to be deducted and negative amounts should be indicated with a minus sign.) Assume that the gogh is Livingston Company's functional currency. Translate the 2017 foreign currency financial statements parent's reporting currency, the U.S. dollar. Complete this question by entering your answers in the tabs below. Retained Income StatementEarnings Balance Sheet Prepare an Income Statement. (Amounts to be deducted and negative amounts should be indicated with a minus sign.) LIVINGSTON COMPANY ncome Statement For the Year Ending December 31, 2015 Income Statement Retained Earnings Balance Sheet Prepare Statement of Retained Earnings. (Amounts to be deducted and sign.) LIVINGSTON COMPANY Statement of Retained Earnings For the Year Ending December 31, 2015 Retained earnings, 1/1 Net income Retained earnings, 12/31 Income Retained StatementEarnings Balance Sheet Prepare a Balance Sheet. (Amounts to be de LIVINGSTON COMPANY Balance Sheet December 31, 2017 Assets: Total assets Liabilities and Equities: Total liabilities and equities