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Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2017, by investing capital in the amount of 110,000 pounds. The subsidiary immediately borrowed 265,000 pounds on a five-year note with 5 percent interest payable annually beginning on January 1, 2018. The subsidiary then purchased for 375,000 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 9,250 pounds per month. By year-end, rent payments totaling 92,500 pounds had been received, and 18,500 pounds was in accounts receivable. On October 1, 4,900 pounds was paid for a repair made to the building. The subsidiary transferred a cash dividend of 11,375 pounds back to Sullivan's Island Company on December 31, 2017. The functional currency for the subsidiary is the pound. Currency exchange rates for 1 pound follow:

January 1, 2017$2.50=1 Pound

October 1, 20172.55=1

December 31, 20172.56=1

Average for 20172.54=1

income statement, statement of retained earnings, and balance sheet for this subsidiary in pounds and then translate these amounts into U.S. dollars.

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