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I need help please On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of

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On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 61,000 SunTime's December 31, 20X1, trial balance in SFr is as follows: Recelvable from Popalar Creek Plant&Equipment 03,000 SFE 10.500 Depreelation Expense Operating Expense Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $5,100 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 years 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 January March 1 November 1 December 31 20x1 average SFr $ 1 =0.73 1-0.74 10.77 1 0.80 1 =0.75 6. The Swiss franc is the functional currency Required: a. Prepare a proof of the translation adjustment. b. Where is the translation adjustment reported on Popular Creek's consolidated financial statements and its foreign subsidiary? (Sele ct all that apply.)

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