Pal Company is translating account balances of its foreign subsidiary into dollars for its December 31, 2014, balance sheet and its 2014 income statement. The functional currency was identified as the...

Pal Company is translating account balances of its foreign subsidiary into dollars for its December 31, 2014, balance sheet and its 2014 income statement. The functional currency was identified as the local currency of the foreign subsidiary. The average exchange rate for 2014 should be used to translate

(a) Retained earnings at January 1, 2014.

(b) Equipment purchased in 2014.

(c) Sales for 2014.

(d) Cash at December 31, 2014.