On January 1, 2014, Trenten Systems, a U.S.-based company, purchased a controlling interest in Grant Management Consultants located in Zurich, Switzerland. The acquisition was treated as a purchase transaction. The 2014 financial statements stated in Swiss francs are given below. GRANT MANAGEMENT CONSULTANTS Comparative Balance Sheets January 1 and December 31, 2014 Jan. 1 Dec. 31 Cash and Receivables 19,700 54,600 Net Property, Plant, and Equipment 39,600 36,700 Totals 59,300 91,300 Accounts and Notes Payable 29,500 31,800 Common Stock 19,900 19,900 Retained Earnings 9,900 39,600 Totals 59,300 91,300 GRANT MANAGEMENT CONSULTANTS Consolidated Income and Retained Earnings Statement for the Year Ended December 31, 2014 Revenues 73,900 Operating Expenses including Depreciation of 2,900 francs 29,500 Net Income 44,400 Dividends Declared and Paid 14,700 Increase in Retained Earnings 29,700 Direct exchange rates for Swiss franc are: Dollars per Franc January 1, 2014 December 31, 2014 Average for 2014 Dividend declaration and payment date $0.5987 0.5321 0.5654 0.5810 (a) Convert (remeasure) the financial statements of the foreign subsidiary using the temporal method of translation. (Round answers to O decimal places, e.g. 5,125. Enter loss using either a negative sign preceding the number e.g. -2,945 or parentheses e.g. (2,945).) Swiss Francs Translation Rate Balance Sheet Total Total Consolidated Income Statement and Retained Earnings Statement Total Total Consolidated Income Statement and Retained Earnings Statement