Translation of financial statements Assume that your company owns a subsidiary operating in Brazil. The subsidiary maintains its books in the Brazilian real (BRL) as its functional currency. The subsidiary's financial statements (in BRL) for the most recent year follow in part a. below: The relevant exchange rates for the $US value of the Brazilian real ( R$ ) are as follows: For both parts a. and b. below, use a negative sign with answers to indicate a reduction. a. Translate the subsidiary's income statement, statement of retained earnings, balance sheet, and statement of cash flows into $US (assume that the BOY Retained Earnings is $1,230,248 ). b. Compute the ending Cumulative Translation Adjustment directly, assuming a BOY balance of $(766,748). Round answers to the nearest dollar. Translation of financial statements Assume that your company owns a subsidiary operating in Brazil. The subsidiary maintains its books in the Brazilian real (BRL) as its functional currency. The subsidiary's financial statements (in BRL) for the most recent year follow in part a. below: The relevant exchange rates for the $US value of the Brazilian real ( R$ ) are as follows: For both parts a. and b. below, use a negative sign with answers to indicate a reduction. a. Translate the subsidiary's income statement, statement of retained earnings, balance sheet, and statement of cash flows into $US (assume that the BOY Retained Earnings is $1,230,248 ). b. Compute the ending Cumulative Translation Adjustment directly, assuming a BOY balance of $(766,748). Round answers to the nearest dollar