Renta USA, Inc Required:
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Calculate the Owners' Equity of the Subsidiary on the Subsidiary

Renta USA, Inc.formed a foreign subsidiary on January 1, 2016; the subsidiary issued 15,000 of its no-par 10FC stock to Renta.The subsidiary's books are kept in their functional currency.Income earned in 2016 and 2017 totaled 100,000 FC and 120,000 FC, respectively.Dividends of 40,000 FC have been paid on December 31 of each year.In addition, 1,000 shares of common stock (no par) were issued on July 1, 2017 for 20 FC each.
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Exchange rates relating this foreign currency to U.S.dollars are as follows:
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$$\begin{array} { l l } \text { January } 1,2016 & 1.00 \\\text { December } 31,2016 & 1.04 \\\text { Average } 2016 & 1.02 \\\text { July } 1,2017 & 1.05 \\\text { December } 31,2017 & 1.10 \\\text { Average } 2017 & 1.08\end{array}$$

Required:
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Calculate the owners' equity of the subsidiary on December 31, 2017.