Sullivan's island Company began operating a subsidiary in a foreign country on January $1,2020,$ by investing capital in the amount of $82,000$ pounds. The subsidiary immediately borrowed $195,000$ pounds on a five$-$year note with $9$ percent interest payable annually beginning on January $1,2021.$ The subsidiary then purchased for $277,000$ 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 $8,550$ pounds per month. By year$-$end, rent payments totaling $85,500$ pounds had been received, and $17,100$ pounds was in accounts recelvable. On October $1,2020,3,500$ pounds was paid for a repair made to the building. The subsidiary transferred a cash dividend of $11,725$ 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: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. Complete this question by entering your answers in the tabs below.