Question Completion Status: 4 Click Submit to complete this assessment Question Question 4 15 points Save An Exceed, a US company, on January 1, 2019 acquired all the outstanding common stock of Silver Company, which is located in a country whose currency is t peso. The peso is the functional currency of Silver. For 2019, exchange rates for the peso were as follows: Peso 1 - Jan. 1 $0.39 Dec. 31 50.32 Average for the year $0.35 Notes: Read carefully and follow strictly so that Bb can grade you correctly! 1. Une comma in numbers, one thousand in 1,000, not 1000. Round to the nearest dollar: 1,000 AS should be 1,000, and 1,000.55 should be 1,001, no decimal points, No Ssign 2. Une parenthosin () for expenses, accumulated depreciation, dividends, and G/L or adjustments only! Required: Translate the 2019 financial statements of the subsidiary to US dollars from pesos Translation of Financial Statements to U.S. Dollars For Year Ended December 31, 2019 Peso Exchange Rate U.S. Dollars Income Statement Nel ssles 820,000 Costs and expenses (550.000 Net Income 220.000 Statement of Retained Earnings Retained earnings, beginning of year 100,000 Net income 220.000 Subtotal 370,000 Divna Question Completion Status: Statement of Retained Earnings Retained earnings, beginning of year 100,000 Net income 270,000 Subtotal 370,000 Div declared/paid 12/31/2018 (60.000) Retained earnings, end of year 310.000 Balance Sheet Assets Current assets 700,000 Plant assets (net) 436,000 Total assets 1.136.000 Liabilities & Stockholders' Equity Current liabilities 308,000 Long-term debt 90,000 Common stock 150,000 Additional paid-in capital Retained camnings 278,000 310,000 Translation adjustment Total liabilities & stockholders' equity 1.136.000