Time left 2:57:32 $12,000,000 for 100% of the outstanding shares of Spruce Corp of the United States. There was no acquisition differential or go Spruce's comparative balance sheets for Years 5 and 6 are snowm below: Balance Sheet as at December 31 (in U.S. Dollars) Current Monetary Assets Inventory Plant and Equipment (Net) Total Assets Current Liabilities Bonds Payable (due Dec 31, 2026) Common Shares Retained Earnings Total Liabilities and Equity Year 6 Year 5 $8,000,000 $7,500,000 2,000,000 3,000,000 1,500,000 1,800,000 11,500,000 12,300,000 1,100,000 2,300,000 5,000,000 5,000,000 4,000,000 4,000,000 1,400,000 1,000,000 11,500,000 12,300,000 Income Statement for the Year ended December 31, Year 6 Sales Inventory, January 1, Year 6 Purchases Inventory, December 31, Year 6 Depreciation Expense Other Expenses Net Income Other Information Exchange Rates: December 31, Year 5 oard My courses My Media Average for Year 6 $5,200,000 3,000,000 3,000,000 (2,000,000) 300,000 400,000 4,700,000 500,000 US $1=CDN $1.1850 US $1-CDN $1.19 Spruce paid US$100,000 in dividends on September 30, 2020. The inventories on hand at the end of Year 6 were purchased the exchange rate was US$1 = CDN$1.195. Required: Time left 2:57:25 a. Compute Spruce's exchange gain or loss for Year 6 if their functional currency is the same as Poplar's functional currency (i.e., the Canadian dollar). (10 marks) b. Translate Spruce's Year 6 Income Statement if their functional currency is the Poplar's (i.e., the Canadian dollar). Separately show your clearly labelled calculations for cost of goods sold for possible part marks. (8 marks)