1. From the trial balance information provided in the excel file, prepare a balance sheet and an income statement in their respective functional currencies for each of the foreign operations. This breakdown will ultimately be used to help prepare certain portions of some of the forms you will be preparing. This specific Phase 1 assignment does not require translation of the balance sheets and income statements into USD, although you might want to go ahead and set up your excel schedules in preparation for doing so, i.e., set up a column for functional currency and another for USD. Translation into USD will be due April 1, 2021.