On January 1, 2015 the Memphis Company, an American Company purchased all of the stock of OUI Company a French Company. Below are the financial statements at the end of 2018 Income Statement for the Year 2018 Using GAAP and Euros Sales 25,000,000 CogS cogs 10,000,000 beg inventory 8000000 gross profit 15,000,000 plus purchases 11000000 minus end inventory 9000000 depreciation exp 5,000,000 cogs 10000000 wage expense 1,000,000 gain on sale of land 2,000,000 income 11,000,000 Statement of Retained Earnings Beginning R/e 28,000,000 income 11,000,000 dividends 3,000,000 ending r/e 36,000,000 Balance sheet Cash 5,000,000 accounts receivable 8,000,000 inventory 9,000,000 land 5,000,000 bldg 22,000,000 a/d bldg 9,000,000 equipment 6,000,000 a/d equip 1,000,000 Total assets 45,000,000 accounts payable 4,000,000 common stock 5,000,000 r/e 36,000,000 additional information: On 1/1/15 when USA purchased OUI Company the Euro was worth $2 On 1/1/16 when OUI Company purchased the building the Euro was worth $1.88 On 7/1/16 when OUI Company purchased the equipment the Euro was worth $1.75 The average exchange rate during 2018 was 1 Euro = $ 1.91 On 10/1/18 when the land was sold the Euro was worth $1.93 The Spot rate on December 31, 2018 1 Euro worth $2.02 OUI Company's retained earnings was $70,000 On October 1st when the dividends were paid the Euro was worth $1.95 REQUIRED: The functional currency of OUI Company is the EURO prepare the balance sheet, income statement or retained earnings for OUI Company is U.S. dollars.