On January 1, 2020, the U. K. subsidiary of Braintree Corporation had the following condensed balance sheet in pounds sterling (in millions) Assets: Cash and receivables 2,000 Inventory (FIFO) 2,200 Plant assets 1,600 Accumulated depreciation ( 400) Total Assets 5,400 Liabilities and equity Accounts payable 2,100 Long-term debt 1,200 Equity 2,100 Total liabilities and Equity 5,400 The exchange rate on January 1, 2020, was $1.20/. Inventory on January 1 was purchased when the exchange rate was $1.18/. Plant assets were acquired when the exchange rate was $1.80/. In 2020, plant assets costing 200 million were purchased when the exchange rate was $1.22/. Depreciation of 50 was taken on these plant assets in 2020. At the end of 2020, the subsidiary reported the following trial balance (in millions) Dr(Cr) Cash and receivables 2,660 Inventory (FIFO) 2,500 Plant assets 1,800 Accumulated depreciation (560) Accounts payable 2,200) Long-term debt 1.100) Equity, January 1 2,100) Sales (4,000) Cost of goods sold 2,000 Depreciation expense 160 Other operating expenses Total 840 Total 0 The ending inventory was purchased when the exchange rate was $1.28/. Sales and other operating expenses occurred evenly over the year. At year-end, the exchange rate was $1.30/; the average for the year was $1.25. Required: a. Prepare the December 31, 2020 trial balance of the U.K. subsidiary, assuming the U. S. dollar is the functional currency of the subsidiary. Assume the remeasured balance of equity on January 1, 2020 was $3,196 million. Please display your calculations. b. Prepare the December 31, 2020 trial balance of the U.K. subsidiary, assuming the pound is the functional currency of the subsidiary. Assume the translated balance of equity on January 1, 2020 was $2,520 million.

Please show calculations