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Blackboard Show Timer Question Completion Status: QUESTION 26 8 points Save Answer Arabian Inc. is domiciled in Sharjah, owns Arabian Canadian, SA, a subsidiary in Canada, which was established in January 1, 2020. Using the current rate method, translate [convert] the below Arabian Canadian's Financial statements (Income statement and Statement of Financial Position) to the currency of the parent company as of December 31, 2020. Assuming that (1) there was no beginning inventory, (2) inventory was carried at cost and acquired evenly during the last quarter of 2020, (3) purchases were made evenly throughout year, (4) fixed assets were acquired on January 1, 2020, and (5) capital stock was sold on January 1, 2020. Relevant Exchange rates (UAE Dirham per Canadian Dollar) January 1, 2020 3 Dirham Average for 2020 2.75 Dirham Average for 4th quarter 2020 2.65 Dirham December 31, 2020 2.5 Dirham Arabian Canadian's Statement of Financial Position items as of December 31, 2020, in Canadian Dollar: Cash 1,000 Accounts payabl 2,000 Accounts Receivable 2,000 Long-term debt 6,000 Inventory 2,500 Capital stock 3,000 Fixed assets 8,000 Retained earnings 1,500 Accumulated depreciation 1.000 Arabian Canadian's Income Statement items as of December 31, 2020, in Canadian Dollar: Sales 20,000 Depreciation Expense 1,000 Cost of Goods Sold 14,000 Interest Expense 500 Other Expenses 2,500 Income tax exp. 500 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BI U S Paragraph Arial 10pt : A TE d Q 6 > ... Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit