On January 1, 2014, a U.S based company purchased a subsidiary in Italy. Direct exchange rates for the Euro are: Dollars per Euro January 1, 2014 $ 1.30 December 31, 2014 $1.09 Average for year 2014 $1.20 June 1, 2014 $1.16 Required: translate the income and retained earnings statements into $ U.S, assuming that the euro is the functional currency by filling the missing items in the table. Combined Statements of Income & Retained Earnings December 31, 2014 Euro Translation rate $ Sales 3,020,000 Cost of goods sold 1,850,000 100,000 Depreciation Expense Selling & Administrative Expenses 737,000 Net Income 333,000 1/1 Retained Earnings 480,000 Less: 1/6 Dividends declared 300,000 31/12 Retained Earnings 513,000 1.16 || 1.2 1.20 || 1.30 || 1.20 || 1.16 || 1.30 || 1.20 120000 675600 2220000 || 3624000 884400 399600 348000 624000