RadCo International is a U$.$S$.$ firm with a wholly owned subsidiary in Mexico that uses the dollar as its functional currency. The relevant facts in the case are as follows:

Relevant Exchange Rates $($U$.$S$.$$$/$Peso$)$

Historical rate $0\mathrm{.}2000$

December $31,20030\mathrm{.}1176$

December $31,20040\mathrm{.}1054$

Average during $20040\mathrm{.}1111$

Average fourth quarter $20030\mathrm{.}1183$

Average fourth quarter $20040\mathrm{.}1087$

Balance Sheet $($in Mexican pesos in thousands$)$

$12/31/04$

Cash $14,000$

Accounts Receivable $110,000$

Inventories $30,000$

Fixed assets $100,000$

Accumulated Depreciation $(30,000)$

Total $224,000$

Accounts Payable $50,000$

Long$-$term debt $($US $$120,000)1,139$

Long$-$term peso debt $44,000$

Capital Stock $60,000$

Retained Earnings $68,861$

Total $224,000$

$2004$ Income Statement

$($in Mexican pesos in thousands$)$

Sales $230,000$

Expenses :

Cost of Goods Sold $(110,000)$

Depreciation $(10,000)$

Other $(80,000)$

Taxes $(6,000)$

Foreign exchange loss $(119)$

Net Income $$23,881$

Schedule A:

Beginning Inventory $40,000$

Purchases $100,000$

Ending Inventory $(30,000)$

Cost of Goods Sold $110,000$

a$.$ Capital stock was issued, fixed assets were acquired, and long$-$term dollar debt was incurred when the exchange rate was $$\mathrm{.}2000$ per peso.

b$.$ No dividends were declared during the year.

c$.$ Beginning inventory was acquired during the Fourth Quarter $2003.$

d$.$ Purchases, sales and other expenses occurred evenly throughout the year.

e$.$ Fixed assets are being depreciated on a straight$-$line method over $10$ years.

f$.12/31/2003$ Retained Earnings was $44,980$ pesos or $$6,968.$

Required: Translate the $2004$ peso financial statements into dollars using the current method.