need balance sheet and retained earnings sheet

Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2020, by investing capital in the amount of 76.000 pounds. The subsidiary immediately borrowed 180,000 pounds on a five-year note with 6 percent interest payable annually beginning on January 1, 2021. The subsidiary then purchased for 256,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method Also on January 1, 2020, the subsidiary rented the building for three years to a group of local attorneys for 8.400 pounds per month. By year-end rent payments totaling 84.000 pounds had been received, and 16.800 pounds was in accounts receivable. On October 1, 2020, 3.200 pounds was paid for a repair made to the building. The subsidiary transferred a cash dividend of 11,800 pounds back to Sullivan's Island Company on December 31, 2020, The functional currency for the subsidiary is the pound Currency exchange rates for 1 pound follow January 1, 2020 October 1, 2020 December 31, 2020 Average for 2020 $2.50 2.85 - 2.88 - 2.84 - 1 Pound 1 1 1 Prepare an income statement statement of retained earnings and balance sheet for this subsidiary in pounds and then translate these amounts into U.S. dollars Income Statement Retained Earnings Balance Sheet Prepare a Statement of Retained earnings. (Amounts to be deducted shou SULLIVAN'S ISLAND COMPANY Statement of Retained Earnings For the Year Ended December 31, 2020 Pounds U.S. Dollars Retained earnings, 1/1 ook int ences Retained earnings, 12/31 0 $ 0 JULLIVAN ISLANU LUMEANT Balance Sheet December 31, 2020 Pounds U.S. Dollars Assets: 0 $ 0 Total assets Liabilities and Equities: Total liabilities and equities 0 $ 0