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Ginvold Co. began operating a subsidiary in a foreign country on January 1, 2021 by acquiring all of the common stock for $50,000 Stickles, the local currency. This subsidiary immediately borrowed $120,000 on a five- year note with ten percent interest payable annually beginning on January 1, 2022. A building was then purchased for $170,000 on January 1, 2021. This property had a ten-year anticipated life and no salvage value and was to be depreciated using the straight-line method. The building was immediately rented for three years to a group of local doctors for $6,000 per month. By year-end, payments totaling $60,000 had been received. On October 1, $5,000 were paid for a repair made on that date and it was the only transaction of this kind for the year. A cash dividend of $6,000 was transferred back to Ginvold on December 31, 2021. The functional currency for the subsidiary was the Stickle ($). Currency exchange rates were as follows: January 1, 2021 October 1, 2021 Average for 2021 December 31, 2021 $1 = $2.40 $1 = $2.22 $1 = $2.28 $1 = $2.16 Prepare a statement of cash flows for this subsidiary in stickles and then translate the amounts into U.S. dollars. Boerkian Co. started 2021 with two assets: Cash of $26,000 (Stickles) and Land that originally cost $72,000 when acquired on April 4, 2018. On May 1, 2021, the company rendered services to a customer for $36,000, an amount immediately paid in cash. On October 1, 2021, the company incurred an operating expense of $22,000 that was immediately paid. No other transactions occurred during the year so an average exchange rate is not necessary. Currency exchange rates were as follows: April 4, 2018 January 1, 2021 May 1, 2021 October 1, 2021 December 31, 2021 $1 = $0.28 $1 = $0.29 $1 = $0.30 $1 = $0.31 $1 = $0.35 Assume Boerkian was a foreign subsidiary of a U.S. multinational company and the U.S. dollar was the functional currency of the subsidiary. Prepare a schedule of changes in the net monetary assets of Boerkian for the year 2021 and properly label the resulting gain or loss