Livingston Company is a wholly owned subsidiary of Rose Corporation. Livingston operates in a foreign country with financial statements recorded in goghs (GH), the companys functional currency. Financial statements for the year of 2015 are as follows:

Income Statement For Year Ending December 31, 2015
Sales	GH	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	GH	71,000

Statement of Retained Earnings For Year Ending December 31, 2015
Retained earnings, 1/1/15	GH	216,000
Net income		71,000
Less: Dividends		(26,000)
Retained earnings, 12/31/15	GH	261,000

Balance Sheet December 31, 2015
Assets
Cash	GH	44,000
Receivables		116,000
Inventory		58,000
Fixed assets (net)		339,000
Total assets	GH	557,000
Liabilities and Equities
Liabilities	GH	176,000
Common stock		120,000
Retained earnings, 12/31/15		261,000
Total liabilities and equities	GH	557,000

Additional Information

	The common stock was issued in 2004 when the exchange rate was $2.08 per GH; fixed assets were acquired in 2005 when the rate was $2.00 per GH.
	As of January 1, 2015, the Retained Earnings balance was translated as $396,520.
	The U.S. $ per GH exchange rates for the current year follow:

January 1, 2015	1.67
April 1, 2015	1.61
September 1, 2015	1.72
December 31, 2015	1.54
Weighted average rate for 2015	1.59

	Inventory was acquired evenly throughout the year.
	The December 31, 2014, balance sheet reported a translation adjustment with a $85,000 debit balance.
	Dividends were declared on April 1, 2015, and a piece of equipment was sold on September 1, 2015.

Translate the foreign currency statements into the parents reporting currency, the U.S. dollar. Your balance sheet totals might not balance due to rounding of the exchange rates. (Amounts to be deducted and negative amounts should be indicated with a minus sign.)

Required (Show Work):

Prepare the following

Income Statement

Statement of Retained Earnings

Balance Sheet