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please fill in blanks thank you and be clear Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by

image text in transcribedplease fill in blanks thank you and be clear
Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 72000 pounds. The subsidiary immediately borrowed 170,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1. 2018. The subsidiary then purchased for 242,000 pounds a building that had a 10-year expected life and no salvage value and is to be depreciated using the straight-line method. Also on January 1, 2017, the subsidiary rented the building for three years to a group of local attorneys for 8,300 pounds per month. By year-end, rent payments totaling 83,000 pounds had been received, and subsidiary transferred a cash dividend of 11,850 pounds back to Sulivan's Island Company on December 31, 2017, The functional currency for the subsidiary is the pound. Currency exchange rates for 1 pound follow 16,600 pounds was in accounts receivable. On October 1, 3,000 pounds was paid for a repair made to the building. The October 1, 2017 December 31, 2017 Average for 2017 2.851 2.88 1 2.841 Prepare an income statement, statement of retained earnings, and balance sheet for this subsidiary in pounds and then translate these amounts into U.S, dollars Complete this question by entering your answers in the tabs below. Income Statement EarningsBalance Sheet a Income Statement. (Amounts to be deducted should be indicated by a minus sign.) For the Year Ended December 31, 2017 U.S

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