Sullivan's Island Company began operating a subsidiary in a foreign country on January $1,2020,$ by investing capital in the amount of $68,000$ pounds. The subsidiary immediately borrowed $160,000$ pounds on a five$-$year note with $8$ percent interest payable annually beginning on January $1,2021.$ The subsidiary then purchased for $228,000$ 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 $8,200$ pounds per month. By year$-$end, rent payments totaling $82,000$ pounds had been received, and $16,400$ pounds was in accounts receivable. On October $1,2020,2,800$ pounds was paid for a repair made to the building. The subsidiary transferred a cash dividend of $11,900$ 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 $1,2020$ $ $2\mathrm{.}40=1$ PoundOctober $1,20202\mathrm{.}45=1$December $31,20202\mathrm{.}48=1$Average for $20202\mathrm{.}44=1$Prepare an income statement, statement of retained earnings, and balance sheet for this subsidiary in pounds and then translate these amounts into U$.$S$.$ dollars.