Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2020, by investing capital in the amount of 65,000 pounds. The subsidiary immediately borrowed 142,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1, 2021. The subsidiary then purchased for 207,000 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 7,600 pounds per month. By year-end, rent payments totaling 76,000 pounds had been received, and 15,200 pounds was in accounts receivable. On October 1, 2020, 3,100 pounds was paid for a repair made to the building. The subsidiary transferred a cash dividend of 12,900 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: January 1, 2020 $ 1.90 = 1 Pound October 1, 2020 1.95 = 1 December 31, 2020 1.98 = 1 Average for 2020 1.94 =

January 1, 2020	$	1.90	=	1 Pound
October 1, 2020		1.95	=	1
December 31, 2020		1.98	=	1
Average for 2020		1.94	=	1

1 Prepare a statement of cash flows in pounds for Sullivan's Island Company's foreign subsidiary, and then translate this statement into U.S. dollars. (Round your exchange rate answers to 2 decimal places. Amounts to be deducted and cash outflows should be indicated with minus sign.)