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Sullivan's Island Company began operating a subsidiary in a foreign country on January 1 , 2 0 2 4 , by Investing capital in the

Sullivan's Island Company began operating a subsidiary in a foreign country on January 1,2024, by Investing capital in the amount of 73,000 pounds. The subsidiary immediately borrowed 139,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1,2025. The subsidiary then purchased for 212,000 pounds a bulding that had a 10-year expected life and no salvage value and is to be depreclated using the straight-line method. Also on January 1,2024, the subsidiary rented the building for three years to a group of local attorneys for 7,000 pounds per month. By year-end, rent payments totaling 70,000 pounds had been recelved, and 14,000 pounds was in accounts recelvable. On October 1,2024,4,700 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 31,2024. The functional currency for the subsidiary is the pound. Currency exchange rates for 1 pound follow:
\table[[January 1,2024,$3.30=1 Pound],[October 1,2024,3.35=1 Pound],[December 31,2024,3.38=1 Pound],[Average for 2024,3.34=1 Pound]]
Required:
Prepare a statement of cash flows in pounds for Sullivan's Island Company's foreign subsidiary, and then translate this statement into U.S. dollars.
Note: Round your exchange rate answers to 2 decimal places. Amounts to be deducted and cash outflows should be indicated with minus sIgn.
\table[[SULLIVAN'S ISLAND COMPANY],[Statement of Cash Flows],[,Pounds,Exchange Rate,U.S. Dollars],[Operating Activities:],[,,,],[,,,],[,,,],[,,,],[,,,],[Cash flow from operating activities,0,,0],[Investing Activities:],[,,,],[,,,],[Cash flow from investing activities,$,,$],[Financing Activities:],[,,,],[,,,],[,,,],[,,,],[Cash flow from financing activities,0,,0],[,,,],[Effect of exchange rate change on cash],[Beginning balance in cash],[Ending balance in cash,0,,$]]
Please the whole thing-3rd time a charm
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