On January 1.2008, T Systems, a U.S.-based company, purchased a controlling interest in G Company located in Paris, France Direct exchange rates for Euros are: January 1. 2008 December 31. 2008 Average for 2008 Dividend declaration and payment date S.92 .87 .76 .80 Required: Translate the year-end balance sheet and income statement of the foreign subsidiary using the current rate method of translation. Translation Rate Euros U.S. Dollars Income Statement Revenue Operating expenses 75,000 (30,000) 45,000 10,000 55,000 15,000) 40,000 Net income Retained earnings 1/1 Dividends Retained earnings 12/31 Balance Sheet Cash and receivables Net property, plant, equipment 55,000 37,000 92,000 Total assets Accounts payable Common stock Retained earnings 32,000 20,000 40,000 92,000 Cumulative translation adjustment Total liab.& equity 92.000