Sullivan's Island Company began operating a subsidlary In a foreign country on January 1, 2024, by Investing capltal in the amount of 66,000 pounds. The subsidiary immedlately borrowed 155,000 pounds on a five-year note with 7 percent Interest payable annually beginning on January 1,2025. The subsidlary then purchased for 221,000 pounds a bullding that had a 10 -year expected life and no salvage value and is to be depreclated using the stralght-Iine method. Also on January 1,2024 , the subsldiary rented the bullding for three years to a group of local attorneys for 8,150 pounds per month. By year-end, rent payments totaling 81,500 pounds had been recelved, and 16,300 pounds was in accounts recelvable. On October 1, 2024, 2,700 pounds was pald for a repalr made to the bullding. The subsidlary transferred a cash dlvidend of 11,925 pounds back to Sullivan's Island Company on December 31, 2024. The functional currency for the subsidlary is the pound. Currency exchange rates for 1 pound follow. Required: Prepare an Income statement, statement of retalned earnings, and balance sheet for this subsidlary in pounds and then translate these amounts into U.S. dollars. Complete this question by entering your answers in the tabs below. Prepare an Income Statement. Note: Amounts to be deducted should be indicated by a minus sign. Complete this question by entering your answers in the tabs below. Prepare a Statement of Retained earnings. Note: Amounts to be deducted should be indicated by a minus sign. Prepare a Balance Sheet. Note: Amounts to be deducted should be indicated by a minus sign