Problem 3. This is a continuation of Sar's second year of operations. Sar Corporation, a British subsidiary of Park Corporation (a US company) was formed by Park on January 1, 2017 in exchange for all of the subsidiary's common stock. Sar has now ended its second year of operations on December 31, 2018. Relevant exchange rates are: January 01, 2017 December 31, 2018 2018 average rate 1-$1.50 1E $1.65 1E= $1.63 alance is presented below for the calendar year 2018. The amount of equity adjustment carried over from 2017 is a credit balance of $41,250 (in dollars). In Pounds Debits: Cash Accounts receivable Inventory Building Land Depreciation expense Other expenses Cost of good sold Total debits 75,000 362,000 41,000 400,000 100,000 10,000 133,000 380,000 1,501,000 Credits Accumulated depreciation Accounts payable Common stock Retained earnings Sales revenue Total credits 17,500 154,750 450,000 262,500 616,250 E 1,501,000 Instructions: For Sar's second year of operations, prepare the: 1. Translated trial balance; 2. Translated income statement; and 3. Translated balance sheet