Madrone Corporation, a Spanish company, formed a Russian subsidiary on January 1, 2020. The Japanese Yen is functional currency and its reporting currency. The Russian economy does not have high rates of inflation. Exchange rates for the Ruble on various dates were: January 01, 2020 = 1 = 60 August 01, 2020 = 1=P 70 December 31, 2020 = 1= 80 2020 average rate = 1=P 90 adjusted trial balance is presented below for the year ended December 31, 2020. ACCOUNT AMOUNT Exchange rate Amount in s Cash P 8500 Accounts receivable 12500 Inventory 15000 Property, Plant, and Equipment 42000 Cost of goods sold 34000 Depreciation expense 4000 Utility expenses 4500 Advertising expense 3000 Dividends paid (August 01, 2020) 1500 Total debits P 125000 Credits Accumulated depreciation P Accounts payable Note payable Common stock Retained earnings Equity adjustment Sales revenue Total credits Required: Prepare the following: 1. Translated Trial balance 2. Translated income statement 3. Translated balance sheet. 17000 15000 12000 12500 18500 0 50000 125000 (8 Marks)