The OUI Company is a French Subsidiary of an American Company, YES

Below is the financial statements for 2020

These statements are in Euros but following U.S. GAAP

Balance Sheet

Income Statement

Cash

100,000

revenue

200,000

accounts rec

100,000

salary exp

-40000

equipment

100,000

dep exp bldg

-30000

a/d equip

-30,000

dep exp equip

-10,000

building

100,000

gain sale land

40000

a/d bldg

-40000

net income

160,000

total assets

330,000

Other information:

accounts pay

100000

when YES Company purchased OUI Company stock 1 euro = $1.25

when OUI Company purchased equipment 1 euro = $1.15

c/s

200000

when OUI company purchased building 1 euro = $1.20

r/e

30000

when OUI Company paid a 150,000 dividend 1 euro = $1.31

when OUI Company sold the land 1 euro = $1.22

On 12/31/2019 retained earnings in dollars $42000

Average exchange rate during 2020 1 euro = $1.27

spot rate 12/31/2020 1 euro = $1.24

REQUIRED: WHEN THE EURO IS THE FUNCTIONAL CURRENCY OF OUI COMPANY CONVERT THE STATEMENTS INTO DOLLARS