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		20,300		55,200
Net Property, Plant, and Equipment		39,600		36,800
Totals		59,900		92,000
Accounts and Notes Payable		30,200		31,500
Common Stock		19,600		19,600
Retained Earnings		10,100		40,900
Totals		59,900		92,000

GRANT MANAGEMENT CONSULTANTS Consolidated Income and Retained Earnings Statement for the Year Ended December 31, 2014
Revenues		76,300
Operating Expenses including Depreciation of 2,800 francs		30,400
Net Income		45,900
Dividends Declared and Paid		15,100
Increase in Retained Earnings		30,800

Direct exchange rates for Swiss franc are:

		Dollars per Franc
January 1, 2014		$0.5987
December 31, 2014		0.5321
Average for 2014		0.5654
Dividend declaration and payment date		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
DividendsNet Income / (Loss)Net Income to Retained EarningsOperating ExpensesRetained Earnings - 1/1Retained Earnings - 12/31RevenuesTotal Cost & ExpensesTotal Revenues				$
DividendsNet Income / (Loss)Net Income to Retained EarningsOperating ExpensesRetained Earnings - 1/1Retained Earnings - 12/31RevenuesTotal Cost & ExpensesTotal Revenues
DividendsNet Income / (Loss)Net Income to Retained EarningsOperating ExpensesRetained Earnings - 1/1Retained Earnings - 12/31RevenuesTotal Cost & ExpensesTotal Revenues
DividendsNet Income / (Loss)Net Income to Retained EarningsOperating ExpensesRetained Earnings - 1/1Retained Earnings - 12/31RevenuesTotal Cost & ExpensesTotal Revenues
DividendsNet Income / (Loss)Net Income to Retained EarningsOperating ExpensesRetained Earnings - 1/1Retained Earnings - 12/31RevenuesTotal Cost & ExpensesTotal Revenues
DividendsNet Income / (Loss)Net Income to Retained EarningsOperating ExpensesRetained Earnings - 1/1Retained Earnings - 12/31RevenuesTotal Cost & ExpensesTotal Revenues
Balance Sheet
Total
Total						V