Sullivan's Island Company began operating a subsidiary in a foreigJanuary $1,2020$ $ $2\mathrm{.}20=1$ Pound

October $1,20202\mathrm{.}25=1$

December $31,20202\mathrm{.}28=1$

Average for $20202\mathrm{.}24=1$n country on January $1,2020,$ by investing capital in the amount of $64,000$ pounds. The subsidiary immediately borrowed $150,000$ pounds on a five$-$year note with $6$ percent interest payable annually beginning on January $1,2021.$ The subsidiary then purchased for $214,000$ pounds a building that had a $10-$year expected life and no salvage value and is to be depreciated using the straight$-$line method. Also on January $1,2020,$ the subsidiary rented the building for three years to a group of local attorneys for $8,100$ pounds per month. By year$-$end, rent payments totaling $81,000$ pounds had been received, and $16,200$ pounds was in accounts receivable. On October $1,2020,2,600$ pounds was paid for a repair made to the building. The subsidiary transferred a cash dividend of $11,950$ pounds back to Sullivan's Island Company on December $31,2020.$ The functional currency for the subsidiary is the pound. Currency exchange rates for $1$ pound follow: