Requireda. Prepare a balance sheet an income statement and a retained earnings s

Requireda. Prepare a balance sheet an income statement and a retained earnings statement for the Canadian subsidiary for Year 1 in U.S. dollars assuming that the Canadian dollar is the functional currency. Include a separate schedule showing the computation of the translation adjustment account.b. Repeat Part a assuming that the U.S. dollar is the functional currency. Include a separate schedule showing the computation of the translation gain or loss.c. Why is the sign of the translation adjustment for Year 1 under the all-current translation method and the translation gain or loss for Year 1 under the monetary/nonmonetary translation method the same? Why do their amounts differ?d. Assuming that the firm could justify either translation method which method would management of Stebbins Corporation likely prefer for Year 1? Why?