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Nanuary 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
Nanuary 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: Additional Information 1. The receivabte from Popular creek is denominated in Swiss francs. Its books show a $5,037 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 stratght-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: 6. The U.S. dollar is the functional currency. Required: 0 . Prepare a schedule remeasuting the December 31,201, trial balance from Swiss francs to dotlars Note: If no odjustment is needed, select 'No entry necessory! 6. The U.S. dollar is the functional currency. Required: a. Prepare a schedule remeasuring the December 31,201, trial balance from Swiss francs to dol Note: If no adjustment is needed, select 'No entry necessary
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