Sullivan's Island Company began operating a subsidiary in a foreign country on January $1,2020,$ by investing capital in the amount of $52,000$ pounds.Sullivan's Island Company began operating a subsidiary in a foreign country on January $1,2020,$ by Investing capital in the amount of $52,000$ pounds. The subsidlary immedlately borrowed $140,000$ pounds on a five$-$year note with $10$ percent interest payable annually beginning on January $1,2021.$ The subsidlary then purchased for $192,000$ pounds a bullding that had a $10-$year expected IIfe and no salvage value and is to be depreclated 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 $8,000$ pounds per month. By year$-$end, rent payments totaling $80,000$ pounds had been recelved, and $16,000$ pounds was in accounts recelvable. On October $1,2020,3,000$ pounds was pald for a repair made to the bullding. The subsidiary transferred a cash dividend of $11,100$ 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:

$\backslash$table$[[$January $1,2020,$$$2\mathrm{.}60=1$ Pound$],[$October $1,2020,2\mathrm{.}65=1$