The Polka Corporation,a U Stripe's Adjusted Trial Balance Is Presented Below for the Year

The Polka Corporation,a U.S.corporation,formed a British subsidiary on January 1,2014 by investing 550,000 British pounds (£)in exchange for all of the subsidiary's no-par common stock.The British subsidiary,Stripe Corporation,purchased real property on April 1,2014 at a cost of £500,000,with £100,000 allocated to land and £400,000 allocated to the building.The building is depreciated over a 40-year estimated useful life on a straight-line basis with no salvage value.The U.S.dollar is Stripe's functional currency,but it keeps its records in pounds.The British economy does not experience high rates of inflation.Exchange rates for the pound on various dates are:
$\begin{array}{llll}\text { January } 01,2014 & =1 £= & \$ 1.60 \\\text { April 01, } 2014 & =1 £= & \$ 1.62 \\\text { December } 31,2014 & =1 £= & \$ 1.65 \\2014 \text { average rate } & =1 £= & \$ 1.64\end{array}$ Stripe's adjusted trial balance is presented below for the year ended December 31,2014.
$\text { In Pounds }$ Debits:
$\begin{array}{ll}\text { Cash } & £ 200,000 \\\text { Accounts receivable } & 72,000 \\\text { Notes receivable } & 99,000 \\\text { Building } & 400,000 \\\text { Land } & 100,000 \\\text { Depreciation expense } & 7,500 \\\text { Other expenses } & 115,000 \\\text { Salary expense } & \underline{208,000} \\\text { Total debits } & \underline{€ 1,201,500}\end{array}$ Credits
$\begin{array}{ll}\text { Accumulated depreciation } & £ 7,500 \\\text { Accounts payable } & 100,000 \\\text { Common stock } & 550,000 \\\text { Retained earnings } & 0 \\\text { Equity adjustment } & 0 \\\text { Sales revenue } & \underline{544,000} \\\text { Total credits } & £ 1,201,500\end{array}$ Required: Prepare Stripe's:
1.Remeasurement working papers;
2.Remeasured income statement; and
3.Remeasured balance sheet.