Sales Cost of sales Gross profit Depreciation Other expenses Sang Co. Ltd Statement of Comprehensive Income For the year ended December 31, 2017 $6,000,000 ($1,000,000) $5,000,000 ($400,000) ($4,500,000) $100,000 Gain on the sale of investments $300,000 Income taxes ($110,000) Net income $290,000 Net operating Income Sang Co. Ltd was incorporated on January 1, 1990 when all the plant and equipment were acquired. The long-term notes were issued to partly finance the purchase of the fixed assets. Direct exchange rates for J$1 January 1, 1990 T&T$0.50 Average for 2017 T&T $0.44 January 1, 2010 T&T $0.55 December 31, 2016 T&T $0.45 Average for November - December 2016 Average for November-December 2017 T&T $0.46 T&T $0.42 December 31, 2017 T&T $0.40 The beginning inventory was acquired during the period November-December 2016 and the ending inventory was acquired during the period November-December 2017. Revenues and expenses were evenly incurred during the year. Required: a) Translate the December 31, 2017 account balances of Sang Co. Ltd in T&T dollars using the temporal method. [20 marks] b) Prepare a schedule to compute the translation gain or loss for Perfect Company. [5 marks]