Sullivan's Island Company began operating a subsidiary in a foreign country on January 1, 2020, by investing capital in the amount of 90,000 pounds. The subsidiary immediately borrowed 215,000 pounds on a five-year note with 7 percent interest payable annually beginning on January 1, 2021. The subsidiary then purchased for 305,000 pounds a building that had a ten-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 8750 pounds per month. By year-end rent payments totaling 87500 pounds had been received and 17,500 pounds was in accounts receivable. On October 1, 2020 3,900 pounds was paid for a repair made to the building. The subsidiary transferred a cash dividend of 11,625 pounds back to Sullivan's Island Company on December 30, 2020. The functional currency for the subsidiary is the pound, Currency exchange rates for 1 pound follow:

January 1, 2020: $2.40= 1 pound

October 1, 2020: $2.45= 1 pound

December 31, 2020: $2.48= 1 pound

Average for 2020: $2.44 = 1 pound

Prepare an income statement, statement of retained earnings, and balance sheet for this subsidiary in pounds and then translate these amounts to USD.