On January 1, 2020, a U.S. based company purchased a controlling interest in a company located in Zurich, Switzerland. Direct exchange rates for the Swiss franc are as follow: Dollars per Franc Jan 1, 2020 $0.59 Dec 31, 2020 0.53 Average for 2020 0.56 Dividend declaration and payment date 0.58 The 2020 financial statements for the foreign subsidiary contain the following balances (in Franc): Revenue 112500, operating expenses 45000 (include 4500 depreciation), cash and receivables 82500, Net property, plant & equipment 55500, Accounts payable 48000, common stock 30000, retained earnings at beginning of the year 15000, dividends 22500. Requirements: 1. Translate the 2020 Income statement retained earnings and balance sheet of the foreign subsidiary using the current rate method 2. verity the translation adjustment 3. what are the main differences if you use temporal methods? (no need for calculations in this requirement), You can use this calculator