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 20,000 54,400 Net Property, plant, and Equipment 40,500 36,600 Totals 60,500 91,000 Accounts and Notes Payable 29,900 32,100 Common Stock 20,200 20,200 Retained Earnings 10,400 38,700 Totals 60,500 91,000 GRANT MANAGEMENT CONSULTANTS Consolidated Income and Retained Earnings Statement for the Year Ended December 31, 2014 Revenues 73,000 Operating Expenses including Depreciation of 3,900 francs 29,400 Net Income 43,600 Dividends Declared and Paid 15,300 Increase in Retained Earnings 28,300 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 Translate the year-end balance sheet and income statement of the foreign subsidiary using the current rate method of translation. (Round answers to o 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