On January 1, 2020, P Company, a U.S.-based company, purchased a controlling interest in S Consultants located in Zurich, Switzerland. The acquisition was treated as a purchase transaction. The 2020 financial statements stated in Swiss francs are given below.

S CONSULTANTS Comparative Balance Sheets January 1 and December 31, 2020
	Jan. 1	Dec. 31
Cash and Receivables	20,000	55,000
Net Property, Plant, and Equipment	40,000	37,000
Totals	60,000	92,000
Accounts and Notes Payable	30,000	32,000
Common Stock	20,000	20,000
Retained Earnings	10,000	40,000
Totals	60,000	92,000

S CONSULTANTS Consolidated Income and Retained Earnings Statement for the Year Ended December 31, 2020
Revenues	75,000
Operating Expenses including Depreciation of 3,000 francs	30,000
Net Income	45,000
Dividends Declared and Paid	15,000
Increase in Retained Earnings	30,000

Direct exchange rates for Swiss franc are:

	Dollars per Swiss Franc
January 1, 2020	$1.03
December 31, 2020	1.13
Average for 2020	1.07
Dividend declaration and payment date	1.11

Translate the year-end balance sheet and income statement of the foreign subsidiary using the current rate method of translation.