The Starter Company is a French subsidiary owned by the American Company Vabrum Company! Below are the 2020 financial statements of the Starter Company These statements are in Euros but following U.S. GAAP Income Statement For the year 2020 Revenue 900000 Operating Expenses 200000 Depreciation 100000 Gain on sale of building 50000 net income 650000 December 31 2020 accounts payable 200000 Cash accounts receivable Building Accumulated Depreciation land Balance Sheet 40000 20000 900000 100000 300000 Common stock retained earnings 300000 660000 total assets 1160000 Other information: On 112012 When Vabrum Company established Starter Company by claiming the 300000 shares of stock the Euro was worth $1 When Starter Company purchased the land the Euro was worth $1.10 When Starter Company purchased the building the Euro was worth $0.98 On 142012 When Vabrum Company established Starter Company by claiming the 300000 shares of stock the Euro was worth $1 On December 31st 2019 Starter Company retained earnings was $725,000 On December 31st 2019 Starter Company retained earnings was $725,000 During 2020 the average exchange rate was 1Euro = $1.08 On December 31st 2020 the exchange rate was 1Euro = $1.11 On July 29th when the building was sold, the Euro was $1.07 On October 2nd, Starter 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 Starter COMPANY