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 19,600 55,000 Net Property, Plant, and Equipment 40,700 36,500 Totals 60,300 91,500 Accounts and Notes Payable 29,700 32,600 Common Stock 19,600 19,600 Retained Earnings 11,000 39,300 Totals 60,300 91,500 GRANT MANAGEMENT CONSULTANTS Consolidated Income and Retained Earnings Statement for the Year Ended December 31, 2014 Revenues 73,100 Operating Expenses including Depreciation of 4,200 francs 29,900 Net Income 43,200 Dividends Declared and Paid 14,900 Increase in Retained Earnings 28,300 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) Translate the year-end balance sheet and income statement of the foreign subsidiary using the current rate method of translation. (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 Consolidated Income and Retained Earnings Statement Balance Sheet Total Total