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 270,000 155.000 115,000 (54,000) 10,000 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 71,000 26,000 GH 261, 000 Retained earnings, 12/31/17 Balance Sheet December 31, 2017 Assets Cash Receivables Inventory Property, plant and equipment (net) GH 44,000 116,000 58,000 339,000 GH 557,000 Total assets Liabilities and Equities Liabilities Common stock Retained earnings, 12/31/17 GH 176,000 120,000 261,000 GH 557,000 Total liabilities and equities