Translation of financial statements Assume that your company owns a subsidiary operating in Brazil. The subsidiary maintains its books in the Brazilian real (R$) as its functional currency. The subsidiary's financial statements (in R$) for the most recent year follow in a. below: The relevant exchange rates for the $US value of the Brazilian real (R$) are as follows BOY rate EOY rate Avg. rate PPE purchase date rate LTD borrowing date rate Dividend rate Historical rate (common stock and APIC) $0.42 $0.57 $0.51 $0.54 $0.55 $0.56 $0.40 For 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 using the current-rate method (assume that the BOY Retained Earnings is $863,625) Round all answers in the "In US Dollars" column to the nearest dollar Translation of financial statements Assume that your company owns a subsidiary operating in Brazil. The subsidiary maintains its books in the Brazilian real (R$) as its functional currency. The subsidiary's financial statements (in R$) for the most recent year follow in a. below: The relevant exchange rates for the $US value of the Brazilian real (R$) are as follows BOY rate EOY rate Avg. rate PPE purchase date rate LTD borrowing date rate Dividend rate Historical rate (common stock and APIC) $0.42 $0.57 $0.51 $0.54 $0.55 $0.56 $0.40 For 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 using the current-rate method (assume that the BOY Retained Earnings is $863,625) Round all answers in the "In US Dollars" column to the nearest dollar