Part VI: Using the information provided in Part V, use the temporal method instead of the current rate method. Required: Prepare the subsidiary's: A. Translated workpapers (round to the nearest dollar) B. Translated income statement C. Translated balance sheet Part V: A U.S. Company acquired a subsidiary company in London on January 1, 2017 by buying all of the subsidiary's common stock. The subsidiary purchased the land for 300.000 pounds on November 24 chased the land for 300,000 pounds on November 22, 2013 and the building for 450,000 pounds on July 1, 2017. The building is being depreciated over a 30-year life by the straight-line method. The inventory is valued on a LIFO basis. The beginning inventory was 50,000 pounds. Purchase of inventory incurred evenly during the year. The British pound is the subsidiary's functional currency and its reporting currency and has not experienced any abnormal inflation. Exchange rates for the pound on various dates were: 11/22/2013 1 pound - $1.558 1/1/2017 1 pound = $1.585 7/1/2017 1 pound $1.532 12/31/2017 1 pound = $1.620 2017 average rate 1 pound = $1.570 Dividends declared 10/20/2017 1 pound - $1.610 The subsidiary's adjusted trial balance is presented below for the year ended December 31, 2017 Rates In U.S. $ Debits Cash Accounts receivable Inventory Land Building Depreciation expense Cost of goods sold Other expenses Dividends declared 10/20/2017 Total debits Credits Accumulated depreciation Accounts payable Accrued liabilities Common stock Retained earnings Sales revenue Total credits In Pounds 52,000 126,000 35,000 300,000 450,000 7,500 190,750 80,000 35,000 1,276,250 7,500 225,000 32,750 100,000 380,000 531,000 1,276,250