Sullivan's Island Company began operating a subsidiary in a foreign country on January 1,2024, by investing capital in the amount of 60,000 pounds. The subsidiary immediately borrowed 140,000 pounds on a five-year note with 10 percent interest payable annually beginning on January 1, 2025. The subsidiary then purchased for 200,000 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, 2024, the subsidiary rented the building for three years to a group of local attorneys for 8,000 pounds per month. By year-end, rent payments totaling 80,000 pounds had been received, and 16,000 pounds was in accounts receivable. On October 1, 2024, 4,000 pounds was paid for a repair made to the building. The subsidiary transferred a cash dividend of 12,000 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: 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. \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Statement of Cash Flows } \\ \hline & \multicolumn{1}{|c|}{ Pounds } & Exchange Rate & U.S. Dollars \\ \hline Operating Activities: & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Cash flow from operating activities & & & \\ \hline Investing Activities: & & & \\ \hline & & & \\ \hline Cash flow from investing activities & & & \\ \hline Financing Activities: & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Cash flow from financing activities & & & \\ \hline & & & \\ \hline Eeginning balance in cash & & & \\ \hline Ending balance in cash & & & \\ \hline \end{tabular} Operating Activities: Add: Depreciation expenses Add: Increase in accounts receivable Add: Increase in interest payable Less: Depreciation expenses Investing Activities: Borrowing on note Capital contribution Dividends Purchase of building Rent revenue Cash flow from financing activities Increase in cash Decrease in cash