Slingshot Corp is a foreign subsidiary of Porcelain Company, a Canadian company. Slingshot Corp was acquired December 31, 2018 and manufactures tableware for sale based on sales prices determined by world-wide competition. The chief financial officer of Slingshot Corp emailed the following December 31, 2019 financial statements, stated in Euro ()to you, the CFO of Porcelain Company SLINGSHOT CORP Balance Sheets (in Euro (E)) Dec 31, 2019 Dec 31, 2018 Cash E 210,000 E 190,000 Accounts receivable 310,000 335,000 Inventory 550,000 500,000 Note receivable, due December 31, 2020 100,000 Delivery vans, net 430,000 275,000 E1,600,000 E1,300,000 Accounts payable E 150,000 E 180,000 Bonds payable 700,000 500,000 Common shares 300,000 300,000 Retained earnings 450,000 320,000 E1,600,000 E1,300,000 SLINGSHOT CORP Statement of Income and Retained Earnings years ended December 31, 2019, and 2018 (in Euro (()) 2019 2018 Sales and interest revenue E1,700,000 E1,500,000 Cost of goods sold 1,200,000 1,210,000 Administration expenses 105,000 95,000 Bond interest expense 60,000 40,000 Amortization 85,000 55,000 Income taxes 80,000 32,000 Net income 170,000 68,000 Retained earnings January 1 320,000 282,000 Dividends (40,000) (30,000) Retained earnings December 31 E 450,000 E 320,000 Additional Information 1. Exchange rates: Jan 1, 2017 1 EURO = C $1.35 Jan 1, 2018 1 EURO = C $1.30 Mar 31, 2018 1 EURO = C $1.28 Average for July 1 - Dec 2018 1 EURO = C $1.26 Dec 31, 2018/Jan 1, 2019 1 EURO = C $1.29 March 31, 2019 1 EURO = C $1.33 Average for Jan 1 - Jun 30, 2019 1 EURO = C $1.35 Average for Jul 1 - Dec 31, 2019 1 EURO = C $1.40 Average for Apr 1 - Dec 31, 2019 1 EURO = C $1.34 Dec 31, 2019 1 EURO = C $1.41 Average for 2019 1 EURO = C $1.35