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 These statements are in Euros but following U.S. GAAP 5 5 Income Statement For the year 2020 3 9 Revenue Operating Expenses Depreciation Gain on sale of building net income 900000 200000 100000 50000 650000 10 11 12 December 31 2020 accounts payable 14 200000 Cash accounts receivable Building 17 Accumulated Depreciation 13 land Balance Sheet 40000 20000 900000 100000 300000 16 Common stock retained earnings 300000 660000 20 total assets 1160000 21 23 24 25 25 27 2 Other information: 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 When OUI Company purchased the building the Euro was worth $0.98 On 1/1/2012 When We Company established Our 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 11 12 33 14 REQUIRED: CONVERT THE FINANCIAL STATEMENTS INTO DOLLARS IF THE EURO IS THE FUNCTIONAL CURRENCY OF OUI COMPANY