Skillet Corporation,a British Subsidiary of Pan Corporation (A U Skillet's Adjusted Trial Balance Is Presented Below for the Calendar

Skillet Corporation,a British subsidiary of Pan Corporation (a U.S.company)was formed by Pan on January 1,2014 in exchange for all of the subsidiary's common stock.Skillet has now ended its second year of operations on December 31,2015.Relevant exchange rates are:
$\begin{array}{llll}\text { January } 01,2015 & =1 £= & \$ 1.60 \\\text { December } 31,2015 & =1 £= & \$ 1.75 \\2015 \text { average rate } & =1 £= & \$ 1.73\end{array}$ Skillet's adjusted trial balance is presented below for the calendar year 2015.The amount of equity adjustment carried over from 2014 is a credit balance of $41,250 (in dollars).
$\text { In Pounds }$ Debits:
$\begin{array}{ll}\text { Cash } & £ 75,000 \\\text { Accounts receivable } & 362,000 \\\text { Inventory } & 41,000 \\\text { Building } & 400,000 \\\text { Land } & 100,000 \\\text { Depreciation expense } & 10,000 \\\text { Other expenses } & 133,000 \\\text { Cost of goods sold } & \underline{380,000} \\\text { Total debits } & \underline{£ 1,501,000}\end{array}$ Credits
$\begin{array}{ll}\text { Accumulated depreciation } & £ 17,500 \\\text { Accounts payable } & 154,750 \\\text { Common stock } & 450,000 \\\text { Retained earnings } & 262,500 \\\text { Sales revenue } & \underline{616,250} \\\text { Total credits } & £ 1,501,000\end{array}$ Required: For Skillet's second year of operations,prepare the:
1.Translation working papers;
2.Translated income statement; and
3.Translated balance sheet.