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GRANT MANAGEMENT CONSULTANTS Comparative Balance Sheets January 1 and December 31, 2014 Jan. 1 Dec. 31 Cash and Receivables 19,800 55,500 Net Property, Plant, and Equipment 39,600 37,500 Totals 59,400 93,000 Accounts and Notes Payable 29,800 32,100 Common Stock 19,800 19,800 Retained Earnings 9,800 41,100 Totals 59,400 93,000 GRANT MANAGEMENT CONSULTANTS Consolidated Income and Retained Earnings Statement for the Year Ended December 31, 2014 Revenues 75,600 Operating Expenses including Depreciation of 2,100 francs 29,400 Net Income 46,200 Dividends Declared and Paid 14,900 Increase in Retained Earnings 31,300 Direct exchange rates for Swiss franc are: January 1, 2014 December 31, 2014 Average for 2014 Dividend declaration and payment date Dollars per Franc $0.5987 0.5321 0.5654 0.5810 Balance Sheet 23332 .d Receivables 55500 0.5321 29532 Net Property, Plant, an 37500 0.5321 19954 Total 93000 49485 Accounts and Notes Pa 32100 0.5321 17080 Common Stock 19800 0.5987 11854 Retained Earnings 41100 23332 93000 52267 Cumulative Translation (2781) Total 93000 49485 Prepare a schedule to verify the translation adjustment. (Round answers to 0 decimal places, e.g. 5,125. Enter loss and debit cumulative translation adjustment using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) Swiss Francs Translation Rate $ Exposed Net Asset Position - 1/1 Adjustment for Changes in the Net Asset Position During the Year Dividends XPXP x Cumulative Translation Adjustment (debit) DIO Cumulative Translation Adjustment (credit) INO Exposed Net Asset Position - 12/31 Cumulative Translation Adjustment (debit)