Separate financial statements of Panamer Corporation, a U.S. Multinational enterprise, and its branch for the year ended December 31, Year 6 are shown below. (IN is the symbol for the Iticar pesos) Panamer Corporation and Branch Separate Financial Statements For year ended December 31, Year 6 Panamer Iticar Corporation Branch (Dollars) (Pesos) Income Statement Revenue Sales $ 410,000 IN 381,000 Total Revenue $ 410,000 IN 381,000 Cost and Expenses Cost of goods sold $ 300,000 IN 300,000 Depreciation Expense 10,500 17,500 Selling Expense 34,500 16,500 Other operating expense 35,000 18,000 Income taxes expense 15.000 15.000 Total costs & expenses $ 395,000 IN 367,000 Net Income 15.000 IN 14.000 Statement of Retained Earnings Retained Earnings, beginning of year S 25,000 Net Income 15,000 Retained Earnings, end of year S 40.000 Statement of Financial Position Assets Cash $ 19,000 IN 10,000 Accounts Receivable 34,000 35,000 Inventories 20,000 83,000 Branch 12,000 Plant Assets 45.000 175.000 Accumulated Depreciation (15.000) (75.000) Total Assets $ 115.000 IN 228.000 Liabilities & Stockholder's equity Accounts Payable $ 25,000 IN 7,000 Notes Payable 100,000 Home Office (Including Net Income) 121,000 Common stock 50,000 Retained Earnings 40,000 Total Liabilities & Stockholder's Equity $ 115.000 IN 228.000 Note : Exchange rates for the Itican pesos, which is the functional currency of Itican Branch were as follows:- January 1, Year 6 $ 0.12 December 31, Year 6 $ 0.08 All merchandise and plant assets of branch are sent from Home Office at beginning of Year 6. Instructions: 1. Prepare translated trial balance to translate Itican Branch financial statements from Itican pesos to U.S. dollars. Use average exchange rates where appropriate. (Show in Trial Balance form) 2. Prepare a working paper for combined financial statements on December 31, Year 6