The OUI Company is a French subsidiary owned by the American Company WE Company! 2 Below are the 2020 financial statements of the OUI Company 3 4 These statements are in Euros but following U.S. GAAP S 5 Income Statement For the year 2020 2 Revenue B Operating Expenses 9 Depreciation 20 Gain on sale of building 11 net income 12 Balance Sheet December 31 2020 accounts payable 24 Cash 40000 200000 15 accounts receivable 20000 Building 16 900000 Common stock 300000 17 Accumulated Depreciation 100000 retained earnings 660000 18 land 300000 20 total assets 1160000 21 22 Other information: 23 On 1/1/2012 When We Company established OUI Company by claiming the 300000 shares of stock the Euro was worth $1 When OUI Company purchased the land the Euro was worth $1.10 24 25 When OUI Company purchased the building the Euro was worth $0.98 On 1/1/2012 When We Company established OUI Company by claiming the 300000 shares of stock the Euro was worth $1 On December 31st 2019 OUI Company retained earnings was $725,000 On December 31st 2019 OUI Company retained earnings was $725,000 During 2020 the average exchange rate was 1 Euro = $1.08 On December 31st 2020 the exchange rate was 1 Euro = $1.11 On July 29th when the building was sold, the Euro was $1.07 On October 2nd, OUI Company declared and paid a 20000 Euro dividend when the Euro was worth $1.03 REQUIRED: CONVERT THE FINANCIAL STATEMENTS INTO DOLLARS IF THE EURO IS THE FUNCTIONAL CURRENCY OF OUI COMPANY 26 27 28 29 30 31 32 33 34 35 900000 200000 100000 50000 650000