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On January 1,2020, A company in USA acquired 100% of equity of X Co, an Italian Company whose Functional Currency is Euro. The following data is provided of X Co Information Provided of X Co Values in Euro Retained Earnings of X Co at the time of its acquisition Sales during the year 2020 1,72,500 9,45,200 Cost of Material Consumed 6,79,400 Other Expenses Depreciation on Equipment& Buildings 1,18,800 82,385 Applicable Income Tax 15,831 Dividend declared by X Co on 1st Sept 2020 46,500 Inventory of X Co on 1st Jan 2020 61,000 The company uses the FIFO method of Stock Valuation Exchange Rates of 1Euro into USD were as under: Date Ex Rate Euro to $ Jan 1, 2020 1.1218 Sep 1,2020 1.1939 Dec 31 2020 1.2216 Average for 2020 1.1717 Average for 2020 1.1717 The other details of X Co were as under: Balance Sheet of X Co as on 31st Dec 20 Assets & Liabilities Euro Cash 21,400 Account Receivables 59,884 Inventory 62,500 Land 1,10,000 2,14,000 Buildings - Net Equipment - Net 3,24,000 Total Assets 7,91,784 Accounts Payables 1,72,000 Bonds 1,50,000 Equity Share Capital 2,20,000 Additional Equity Shares Issued on 1st Jan 2020 75,000 Retained Earnings 1,74,784 Total Liabilities 7,91,784 You are required to calculate the year end Balance sheet and Income Statement of the foreign subsidiary using: a. The Temporal Method b. The Profit or Loss on translation due to Exchange Rates