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2. Gramado company was created as a wholly owned subsidiary of Porto Alegre corporation on January 1, Year Use current rate method to translate Gramado Company's Year 2 financial statements into dollars. 1. On that date, Porto Alegre invested $56,000 in Gramado's capital stock. Given the exchange rate on that Please fill in the following white blanks labelled with numbers, e.g. (1), (2), ......, (35). date of $0.70 per cruzeiro, the initial investment of $56,000 was converted into 80,000 cruzeiros (CZ). Other than the capital investment on January 1, there were no transactions involving stockholders' equity in Year 1. Gramado's cruzeiro-denominated financial statements for Year 2 are as follows Exchange Income Statement Cz Rate $ Year 2 Sales 600,000 (1) (7) Cost of goods sold 350,000 (2) (8) Sales 600,000 Gross profit 250,000 (9) Cost of goods sold 350,000) 250,000 Operating expenses -120,000 (3) (10 Gross profi Operating expenses (120,000) income before tax 130,000 (11) Income before tax 130,000 Income taxes -44,200 (4) (12) Income taxes (44,200) Net income 5,800 (13 Net income 85,800 Retained earnings, 1/1/Y2 150,000 (5) (14) tement of Retained Earnings Net income 85,800 above (15) Year 2 Dividends -20,000 (6) (16) Gz Retained earnings, 12/31/Y2 215,800 (17) Retained earnings, 1/1/Y2 50,000 Net income 85,800 Dividends (paid on 12/1/Y2) (20,000) Retained Earnings, 12/31/Y2 215,800 Exchange Rate Cash 80,000 (18) (25) Balance sheet December 31, Year 2 Receivables 75,000 (19 (26) CZ Inventory 78,000 (20) (27) Cash 80,000 Plant and equipment 260,000 (21) (28) Receivables 75,000 Less: accumulated 70,000 (22) (29) Inventory 78,000 depreciation Plant and equipment (net) 260,000 Total assets 423,000 (30) Less: Accumulated Depreciation (70,000) Total assets 423,000 Liabilities 172,200 (23) (31) Capital stock 35,000 (24) (32) Liabilities 172,200 Capital stock 35.000 Retained earnings, 12/31/Y2 215,800 above (33) Retained earnings, 12/31/Y2 215,800 Cumulative translation (34) Total liabilities and stockholder's equity 423,000 adjustment Total liabilities and (35) stockholders' equity 423,000 The cruzeiro is the primary currency that Gramado uses in its day-to-day operations. The cruzeiro has steadily ncreased in value against dollar since Porto Alegre made the investment in Gramado on January 1, Year 1. Relevant exchange rates for the cruzeiro for Years 1 and 2 as follows: January 1, Year 1 50.70 Average for Year 1 0.72 December 31, Year 1 0.73 Average for Year 2 0.75 December 1, Year 2 0.80 December 31, Year 2 0.82