Exercise 12-7 (Static) Remeasurement LO 12-6, 12-7 On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 60,000. SunTime's December 31, 20X1, trial balance in SFr is as follows: Additional Information 1. The recelvable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,000 payable to SunTime. 2. Purchases of inventory goods are made evenly during the year. ltems in the ending inventory were purchased November 1 . 3. 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. 4. The dividends were declared and paid on November 1 . 5. Exchange rates were as follows: Required: Prepare a schedule remeasuring the December 31, 20X1, trial balance from Swiss francs to dollars. Note: If no adjustment is needed, select 'No entry necessary