Livingston 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 Income Statement For Year Ending December 31, 2017 Sales Cost of goods sold Gross profit Less: Operating expenses Gain on sale of equipment GH 27e,e0e 155,000 115,e0e (54,000) 1e,e00 GH 71,000 Net income Statement of Retained Earnings For Year Ending December 31, 2017 Retained earnings, 1/1/17 Net income Less: Dividends GH 216,000 71,eee (26,e00) Retained earnings, 12/31/17 GH 261,000 Balance Sheet December 31, 2017 Assets Cash Receivables Inventory Property, plant and equipment (net) GH 44,000 116,000 58,e00 339,e0e GH 557,e00 Total assets Liabilities and Equities Liabilities Common stock Retained earnings, 12/31/17 GH 176,e0e 120,e00 261,008 GH 557,eee Total liabilities and equities