Costsave Corporation, a U.S. company, acquired Denner, a discount supermarket chain in Switzerland, on January 1, 2020. Denner is a subsidiary of Costsave, and its results are consolidated with those of Costsave in Costsave's financial statements. Denner's trial balances for January 1 and December 31, 2020, in Swiss francs (CHF) appear below. (in thousands) Cash and receivables Inventories Plants and equipment, net Accounts and notes payable Common stock Dr(Cr) December 31 January 1 CHF 30,000 CHF 25,000 55,000 60,000 175,000 150,000 (120,000) (125,000) (30,000) (30,000) Retained earnings, January 1 (80,000) (80,000) Dividends 20,000 Sales (500,000) Cost of sales 375,000 Operating expenses 75,000 Totals CHF 0 CHF 0 Additional Information: (in thousands) 1. Included in operating expenses is depreciation expense of CHF5,000. 2. Plant and equipment of CHF30,000 was purchased for cash during 2020, when the exchange rate was $1.04. Depreciation of CHF2,000 was taken on this purchase during 2020. 3. The ending inventory was purchased during the month of December. 4. Revenues, purchases, and operating expenses other than depreciation occurred evenly during the year. 5. Dividends were declared on December 31, 2020. 6. Exchange rates for 2020 were as follows ($/CHF): January 1, 2020 $1.03 Average for 2020 1.06 Average for December, 2020 1.08 December 31, 2020 1.09