Time: 1 hour, 44 minutes, 00 seconds. Question Completion Status: USE THE FOLLOWING INFURIVIATION FUN QUESTIONS 17-20. USE TABLE FUNCTION. On January 1, 2020 Chard Inc., a US Company acquired 100% of the Knight Company, located in Belgium, Chard paid 30 million euros (30,000,000 EU), which was equal to Knight's book and fair value. Knight's balance sheet on January 1, 2020 was as follows (in EU): Cash 20,000,000 Accounts payable 34,000,000 Accounts Receivable 35,000,000 Long-term debt 6,000,000 Plant and equipment, net 15,000,000 Common stock 10,000,000 Retained earnings 20,000,000 Total Assets 70,000,000 Total Liabilities and Stock's Equity 70,000,000 On December 31, 2020, Knight submitted the following trial balance for consolidation (credit balances in parenthesis, in EU): Cash 25,000,000 Accounts receivable 38,000,000 Plant and equipment, net 13,000,000 Accounts payable (26,000,000) Long-term debt (5,000,000) Common stock (10,000,000) Dividends paid - June 30, 2020 3,000,000 Retained earnings (20,000,000) Sales (50,000,000) Cost of sales 22,000,000 Other expense 7,000,000 Depreciation expense 2,000,000 Extraordinary expense - October 31, 2020 1,000,000 Dalavant avehanna rates for the aur for 2020 ware as followes Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Close Window Save and Submit MacBook Pro am 868 PSC & @ $ %Accounts receivable Plant and equipment, net 13,000,000 Accounts payable (26,000,000) Long-term debt (5,000,000) Common stock (10,000,000) Dividends paid - June 30, 2020 3,000,000 Retained earnings (20,000,000) Sales (50,000,000) Cost of sales 22,000,000 Other expense 7,000,000 Depreciation expense 2,000,000 Extraordinary expense - October 31, 2020 1,000,000 0 Relevant exchange rates for the euro for 2020 were as follows: January 1 June 30 October 31 December 31 Average 1.36 1.38 1.41 1.42 1.38 The Accountants for Chard have determined the euro to be the functional currency. Prepare a 2020 income statement (profit and loss) in US dollars showing the translation. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) BIUS Paragraph Arial 14px A V X2 X2 ABC X Click Save and Submit to save and submit. Click Save All Answers to save all answers