Livingston Company is a wholly owned subsidiary of Rose Corporation. Livingston operates in a foreign country with financial statements recorded in pounds (P), the company's functional currency. Financial statements for the year 2020 are as follows: Income Statement For Year Ending December 31, 2020 Sales P 270,000 Cost of goods sold (155,000) Gross profit 115,000 Less: Operating expenses (54,000) Gain on sale of equipment 10,000 Net income P 71,000 Statement of Retained Earnings For Year Ending December 31, 2020 Retained earnings, 1/1/20 P 216,000 Net income 71,000 Less: Dividends (26,000) Retained earnings, 12/31/20 P 261,000 Balance Sheet December 31, 2020 Assets Cash Receivables Inventory Property, plant, and equipment (net) Total assets Liabilities and Equities Liabilities Common stock Retained earnings, 12/31/20 Total liabilities and equities P 44,000 116,000 58,000 339,000 P 557,000 P 176,000 120,000 261,000 P 557,000 Additional Information The common stock was issued in 2013 when the exchange rate was $2.08 per pound; property, plant, and equipment was acquired in 2014 when the rate was $2.00 per pound. As of January 1, 2020, the retained earnings balance was translated as $396,520. The U.S. dollar-per-pound exchange rates for 2020 follow: . January 1 April 1 September 1 December 31 Weighted average $1.67 1.61 1.72 1.54 1.59 . Inventory was acquired evenly throughout the year. The December 31, 2019, balance sheet reported a translation adjustment with a debit balance of $85,000. Dividends were declared on April 1, 2020, and a piece of equipment was sold on September 1, 2020. . Assume that the pound is Livingston Company's functional currency. Translate the 2020 foreign currency financial statements into the parent's reporting currency, the U.S. dollar