Shinra Power Company operates in Canada and operates an exporting business in the country of Midgar. The country of Midgar primarily uses the "GIL"currency. The Midgar subsidiary, which was acquired on January 1, 1986, provided the following financial statements in GIL to the Canadian parent company SHINRA POWER COMPANY, Midgar Branch Statement of Comprehensive Income Year Ended December 31, 2020 Sales Cost of goods sold Depreciation expertise Other expenses Comprehensive income GIL 2.300,000 (1.200,000) (300.000 (300,000 GIL 500.000 SHINRA POWER COMPANY, Midgar Branch Statement of Changes in Equity-Partial-Retained Earnings section Year Ended December 31, 2020 GIL 850.000 500,000 Retained earnings January 1 Comprehensive income for the year Less: Dividends declared and paid. December 31 Retained earnings-December 31 200.000) GILL150.000 SHINRA POWER COMPANY, Midgar Branch Statement of Financial Position December 31, 2020 Cash and receivables Merchandise inventory Property, plant, and equipment Total 2020 2019 GIL 1,150,000 GIL 520,000 450,000 380,000 3.450.000 3.750.000 GIL 5.050 000GII.4.650.000 Current liabilities GIL 700,000 GIL600,000 Long-term notes due December 31, 2024 1.200,000 1.200,000 Capital stock 2,000,000 2.000.000 Retained earnings 1.150,000 850.000 Total GIL 5.050.000 GIL4,650.000 Shinra Power Company was incorporated on January 1, 1984, at which time an amount of property, plant, and equipment with a present (December 31, 2020) netbook value of GIL3,000,000 was purchased. Additional equipment was purchased December 31, 2019 (20% of depreciation expense relates to this new equipment). The long-term notes were issued to replace financing provided by the parent, on January 1, 2019. Direct exchange rates for the GIl currency are January 1, 1984 GIL 1 - $1.92 CAD January 1, 1986 GIL 1 = 1.781 CAD January 1, 2019 GIL 1 - 160 CAD Average for quarter 4, 2019 GIL 1 = 1.56 CAD December 31, 2019 January 1, 2020 GIL 1-1.54 CAD December 31, 2020 GIL 1 - 1.47 CAD Average for 2020 GIL 1 = 1.51 CAD Average for quarter 4, 2020 GIL 1 - 1 SOCAD The beginning inventory of GIL 380,000 was acquired during the last quarter of 2019 and the ending inventory was acquired during the last quarter of 2020. Sales and purchases were made, and other expenses were incurred, evenly throughout the year. Required: Parts A-C. Assume that the functional currency of Shinra Power Company, Midgar Branch is the Canadian dollar. A) Calculate the following amounts in Canadian dollars as they would appear on the translated statement of comprehensive income for the year ended December 31, 2020 1) Cost of Goods Sold (3.5 Points) II) Depreciation Expense (2.5 Point) III) Foreign Exchange gain or loss (6 Points) B) Prepare the translated statement of comprehensive income in Canadian dollars. (Note, many of your answers will be consistent with part A, no need to show this work again) (2.5 Points) C) Prepare the translated statement of financial position in Canadian dollars. (Calculate all numbers, no plugs). Assume that the January 1, 2020 retained earnings balance of the Midgar Branch of the Shinra Power Company was correctly frawd to Canadian dollars of $1,783.774. (7 points) Part D D) Assume that the functional currency or Shinra Power Company, Midgar Branch is the GIL and the financial statements are being translated to the Canadian dollar presentation currency. What would be the total change in the cumulative translation account for the year ended December 31, 2020 (the other comprehensive income loss in 202077 (3.5 Points) Shinra Power Company operates in Canada and operates an exporting business in the country of Midgar. The country of Midgar primarily uses the "GIL"currency. The Midgar subsidiary, which was acquired on January 1, 1986, provided the following financial statements in GIL to the Canadian parent company SHINRA POWER COMPANY, Midgar Branch Statement of Comprehensive Income Year Ended December 31, 2020 Sales Cost of goods sold Depreciation expertise Other expenses Comprehensive income GIL 2.300,000 (1.200,000) (300.000 (300,000 GIL 500.000 SHINRA POWER COMPANY, Midgar Branch Statement of Changes in Equity-Partial-Retained Earnings section Year Ended December 31, 2020 GIL 850.000 500,000 Retained earnings January 1 Comprehensive income for the year Less: Dividends declared and paid. December 31 Retained earnings-December 31 200.000) GILL150.000 SHINRA POWER COMPANY, Midgar Branch Statement of Financial Position December 31, 2020 Cash and receivables Merchandise inventory Property, plant, and equipment Total 2020 2019 GIL 1,150,000 GIL 520,000 450,000 380,000 3.450.000 3.750.000 GIL 5.050 000GII.4.650.000 Current liabilities GIL 700,000 GIL600,000 Long-term notes due December 31, 2024 1.200,000 1.200,000 Capital stock 2,000,000 2.000.000 Retained earnings 1.150,000 850.000 Total GIL 5.050.000 GIL4,650.000 Shinra Power Company was incorporated on January 1, 1984, at which time an amount of property, plant, and equipment with a present (December 31, 2020) netbook value of GIL3,000,000 was purchased. Additional equipment was purchased December 31, 2019 (20% of depreciation expense relates to this new equipment). The long-term notes were issued to replace financing provided by the parent, on January 1, 2019. Direct exchange rates for the GIl currency are January 1, 1984 GIL 1 - $1.92 CAD January 1, 1986 GIL 1 = 1.781 CAD January 1, 2019 GIL 1 - 160 CAD Average for quarter 4, 2019 GIL 1 = 1.56 CAD December 31, 2019 January 1, 2020 GIL 1-1.54 CAD December 31, 2020 GIL 1 - 1.47 CAD Average for 2020 GIL 1 = 1.51 CAD Average for quarter 4, 2020 GIL 1 - 1 SOCAD The beginning inventory of GIL 380,000 was acquired during the last quarter of 2019 and the ending inventory was acquired during the last quarter of 2020. Sales and purchases were made, and other expenses were incurred, evenly throughout the year. Required: Parts A-C. Assume that the functional currency of Shinra Power Company, Midgar Branch is the Canadian dollar. A) Calculate the following amounts in Canadian dollars as they would appear on the translated statement of comprehensive income for the year ended December 31, 2020 1) Cost of Goods Sold (3.5 Points) II) Depreciation Expense (2.5 Point) III) Foreign Exchange gain or loss (6 Points) B) Prepare the translated statement of comprehensive income in Canadian dollars. (Note, many of your answers will be consistent with part A, no need to show this work again) (2.5 Points) C) Prepare the translated statement of financial position in Canadian dollars. (Calculate all numbers, no plugs). Assume that the January 1, 2020 retained earnings balance of the Midgar Branch of the Shinra Power Company was correctly frawd to Canadian dollars of $1,783.774. (7 points) Part D D) Assume that the functional currency or Shinra Power Company, Midgar Branch is the GIL and the financial statements are being translated to the Canadian dollar presentation currency. What would be the total change in the cumulative translation account for the year ended December 31, 2020 (the other comprehensive income loss in 202077 (3.5 Points)