Costsave Corporation, a U.S. company, acquired Denner, a discount supermarket chain in Switzerland, on January 1, 2017. 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, 2017, in Swiss francs (CHF) appear below. Dr(Cr) (in thousands) December 31 January 1 Cash and receivables CHF 45,000 CHF30,000 Inventories 55,000 65,000 Plants and equipment, net 180,000 160,000 Accounts and notes payable (120,000) (125,000) Common stock (40,000) (40,000) Retained earnings, January 1 (90,000) (90,000) Dividends 20,000 -- Sales (500,000) -- Cost of sales 375,000 -- Operating expenses 75,000 -- Totals CHF 0 CHF 0 Additional Information: (in thousands) Included in operating expenses is depreciation expense of CHF5,000. Plant and equipment of CHF25,000 was purchased for cash during 2017, when the exchange rate was $1.04. Depreciation of CHF2,000 was taken on this purchase during 2017. The ending inventory was purchased during the month of December. Revenues, purchases, and operating expenses other than depreciation occurred evenly during the year. Dividends were declared on December 31, 2017. Exchange rates for 2017 were as follows ($/CHF)