Remeasurement of financial statements Assume that your company owns a subsidiary operating in Australia. The subsidiary has adopted the Australian Dollar (AUD) as its functional currency. Your parent company operates this subsidiary like a division or a branch office, making all of its operating decisions, including pricing of its products. You conclude, therefore, that the functional currency of this subsidiary is the $US and that its financial statements must be remeasured prior to consolidation. The subsidiary's financial statements (in AUD) for the most recent year follow in part a. below: The relevant exchange rates for the $ US value of the Australian Dollar (AUD) are as follows: For parts a. and b. below, use a negative sign with answers to indicate a reduction. a. Remeasure the subsidiary's income statement, statement of retained earnings, and balance sheet into $ US for the current year (assume that the BOY Retained Earnings is $1,560,306 ). Round all answers in "In US Dollars" column to the nearest dollar. b. Compute the remeasurement gain or loss directly assuming BOY net monetary assets credit balance of AUD 770,400 , a net monetary liability. Round all answers to the nearest dollar