Problem V: A U.S. Company acquired a subsidiary company in London on January 1, 2017 by buying all of the subsidiarys common stock. The subsidiary purchased the land for 650,000 pounds on November 22, 2014 and the building for 420,000 pounds on July 1, 2017. The building is being depreciated over a 30-year life by the straight-line method. The inventory is valued on a LIFO basis. The beginning inventory was 150,000 pounds. Purchase of inventory incurred evenly during the year. The British pound is the subsidiarys functional currency and its reporting currency and has not experienced any abnormal inflation. Exchange rates for the pound on various dates were: 11/22/2014 1 pound = $1.555 1/1/2017 1 pound = $1.350 7/1/2017 1 pound = $1.342 12/31/2017 1 pound = $1.368 2017 average rate 1 pound = $1.356 Dividends declared 10/20/2017 1 pound = $1.352 The subsidiarys adjusted trial balance is presented below for the year ended December 31, 2017. Debits In Pounds Rates In U.S. $ Cash 125,000 Accounts receivable 68,000 Inventory 98,000 Land 650,000 Building 420,000 Depreciation expense 7,000 Cost of goods sold 475,550 Other expenses 195,000 Dividends declared 10/20/2017 32,200 Total debits 2,070,750 Credits Accumulated depreciation 7,000 Accounts payable 225,000 Accrued liabilities 212,750 Common stock 100,000 Retained earnings 530,000 Sales revenue 996,000 Total credits 2,070,750 Instructions: Prepare the subsidiarys: A. Translated workpapers (round to the nearest dollar) B. Translated income statement C. Translated balance sheet