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 2017 are as follows:

Income Statement For Year Ending December 31, 2017
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, 2017
Retained earnings, 1/1/17	GH	216,000
Net income		71,000
Less: Dividends		(26,000	)
Retained earnings, 12/31/17	GH	261,000

Balance Sheet December 31, 2017
Assets
Cash	GH	44,000
Receivables		116,000
Inventory		58,000
Property, plant and equipment (net)		339,000
Total assets	GH	557,000
Liabilities and Equities
Liabilities	GH	176,000
Common stock		120,000
Retained earnings, 12/31/17		261,000
Total liabilities and equities	GH	557,000

Additional Information

• The common stock was issued in 2010 when the exchange rate was $2.08 per GH; property, plant, and equipment was acquired in 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:

January 1	$1.67
April 1	1.61
September 1	1.72
December 31	1.54
Weighted average	1.59

• 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 on September 1, 2017.

Assume that the gogh is Livingston Company's functional currency. Translate the 2017 foreign currency financial statements into the parents reporting currency, the U.S. dollar.

*Prepare an Income Statement.

*Prepare Statement of Retained Earnings.

*Prepare a Balance Sheet.