EXERCISE 12-4\ Foreign Currency TranslationCurrent Rate Method LO \ \ On January 1, 2024, Trenten Systems, a U.S.-based company, purchased a controlling interest in Grant Management Consultants located in Zurich, Switzerland. The acquisition was treated as a purchase transaction. The 2024 financial statements stated in Swiss francs are given below.\ \ \ \ \ GRANT MANAGEMENT CONSULTANTSComparative Balance SheetsJanuary 1 and December 31, 2024\ \ \ Jan. 1\ Dec. 31\ \ \ \ \ Cash and Receivables\ 20,000\ 55,000\ \ \ Net Property, Plant, and Equipment\ 40,000\ 37,000\ \ \ Totals\ 60,000\ 92,000\ \ \ Accounts and Notes Payable\ 30,000\ 32,000\ \ \ Common Stock\ 20,000\ 20,000\ \ \ Retained Earnings\ 10,000\ 40,000\ \ \ Totals\ 60,000\ 92,000\ \ \ \ \ \ GRANT MANAGEMENT CONSULTANTSConsolidated Income and Retained Earnings Statementfor the Year Ended December 31, 2024\ \ \ \ \ Revenues\ 75,000\ \ \ Operating Expenses including Depreciation of 3,000 francs\ 30,000\ \ \ Net Income\ 45,000\ \ \ Dividends Declared and Paid\ 15,000\ \ \ Increase in Retained Earnings\ 30,000\ \ Direct exchange rates for Swiss franc are:\ \ \ \ \ Dollars per Swiss Franc\ \ \ \ \ January 1, 2024\ $1.09\ \ \ December 31, 2024\ 1.03\ \ \ Average for 2024\ 1.06\ \ \ Dividend declaration and payment date\ 1.08\ \ \ \ Required:\ \ Translate the year-end balance sheet and income statement of the foreign subsidiary using the current rate method of translation.