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N On January 1, 20X1. Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 70,000. SunTime's December 31, 20X1. trial balance in SFr is as follows: Credit points Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant & Equipment Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Debit SFr 7,200 23, eee 5,40e 28, 5ee 109, eee SFr 11,200 12,800 54, eee 70,880 154,6ee Sales Cost of Goods Sold Depreciation Expense Operating Expense Dividends Paid Total 71,5ee 11,200 31, eee 15, see SFr302,600 SFr 322,6ee Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs Popular Creek's books show a $4.400 payable to SunTime 2. Purchases of inventory goods are made evenly during the year. Items 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 SER This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to questa 2 Additional Information 5 points 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4.400 payable to SunTime. 2. Purchases of inventory goods are made evenly during the year. Items 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: Sfr 5 January 1 March 1 November 1 December 31 20x1 average 1 -2.73 1=0.74 1 = 0.77 1 -0.80 1 -0.75 6. The Swiss franc is the functional currency Required: a. Prepare a proof of the translation adjustment Answer is complete but not entirely correct. POPULAR CREER CORPORATION AND SUBSIDIARY Retu 2 Required: a. Prepare a proof of the translation adjustment 5 points Answer is complete but not entirely correct. POPULAR CREEK CORPORATION AND SUBSIDIARY Proof of Translation Adjustment Year Ended December 31, 20X1 U.S Dollars S 51.100 2. 151 x 12.166 Net assets at beginning of year Adjustment for changes in net asset position during yean Net income for year Dividends paid Net assets translated at Rates during year Rates at end of vear Change in other comprehensive income translation adjustment during year net Increase Accumulated other comprehensive income translation adjustment January 1 Change in other comprehensive income translation adjustment December 31 41.085 3.451 X (37.634) 2.544 X (35.090) S b. Where is the translation adjust