On January 1, 20X1, Popular Creek Corporation organized RoadTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 60,000. RoadTime’s December 31, 20X1, Trial balance in SFr is as follows:
|Debit (SFr)||Credit (SFr)|
|Receivable from Popular Creek||5000|
|Plant and Equipment||100000|
|Cost of goods sold||70000|
- The receivable from Popular Creek is denominated in Swiss francs. Popular Creek’s books show a $4,000 payable to RoadTime.
- Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1.
- Equipment is depreciated by the straight-line method with a 10-year life and no residual value. A full year’s depreciation is taken in the year of acquisition. The equipment was acquired on March 1.
- The dividends were declared and paid on November 1.
- Exchange rates were as follows:
- The Swiss franc is the functional currency.
Prepare a schedule translating the December 31, 20X1, trial balance from Swiss francs to dollars.
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