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Chap 10, Problem 3232. Livingston Company is a wholly owned subsidiary of Rose Corporation. Livingston operates in a foreign country with financial statements recorded in goghs (GH), the company’s functional currency.Financial statements for the year of 2004 are as follows:Income StatementFor Year Ending December 31, 2004Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .