$*$ Please compute translation adjustment$*$

Sullivan's Island Company began operating a subsidiary in a foreign country on January $1,2020.$ The functional currency for the

subsidiary is the pound. Currency exchange rates for $1$ pound follow:

The income statement, statement of retained earnings, and balance sheet for this subsidiary in pounds is provided for the year$-$ended

December $31,2020.$ Translate these financial statements into U$.$S$.$ dollars and solve for the plug to compute the translation adjustment

using the indirect approach.

Complete this question by entering your answers in the tabs below.Prepare a Balance Sheet. $($Amounts to be deducted should be indicated by a minus sign.$)$