Mavrogenes Corporation is a wholly owned Canadian subsidiary of a U.S. parent company. Mavrogenes was formed on January 1, 20X1, when the parent invested C$40 million and Mavrogenes issued 100 shares of common stock. The following are Mavrogeness Canadian dollar financial statements for 20X1 and 20X2:

Cll uasacuvis vecc cccu the purchase of C$30 million in fixed assets, which also took place on January 1,201. The fixed assets are being depreciated using the straight-line method over 10 years with no salvage value. Depreciation expense is included in Other operating expenses. The following are relevant exchange rates, all expressed as the U.S. dollar value of 1 Canadian dollar: The following are relevant exchange rates, all expressed as the U.S. dollar value of 1 Canadian dollar: Ignore income taxes. Required: 1. Translate Mavrogenes's 201 Income Statement into U.S. dollars using the temporal method. 2. Translate Mavrogenes's 20X1 Statement of Retained Earnings into U.S. dollars using the temporal method. 3. Translate Mavrogenes's December 31, 20X1, Balance Sheet into U.S. dollars using the temporal method. 4. "Prove" the foreign exchange gain or loss you found for 201. 5. Translate Mavrogenes's 20X2 Income Statement into U.S. dollars using the temporal method. 6. Translate Mavrogenes's 20X2 Statement of Retained Earnings into U.S. dollars using the temporal method. 7. Translate Mavrogenes's December 31, 202, Balance Sheet into U.S. dollars using the temporal method. 8. "Prove" the foreign exchange gain or loss you found for 202