On January 1, 2024, Flint Systmens, a U.S.-based company, purchased a controlling interest in Sheridan Managment Consultants located in Zurich, Switerland. The acquisition was treated as a purchase transaction. The 2024 financial statements stated in Swiss frans are given below:

Sheridian Management Consultants

Comparative balance Sheets

January 1 & December 31, 2024 Jan. 1 Dec. 31

Cash & Receivables 19,600 54,400

Net PP&E 40,200 37,600

Totals 59,800 92,000

Accounts & Notes Payable 29,500 32,200

Common Stock 19,600 19,600

Retained Earnings 10,700 40,200

Totals 59,800 92,000

Sheridan Management Consultants

Consolidated Income & Retained Earnings Statement

For the Year Ended December 31, 2024

Revenues 74,900

Operating Expense (Depreciation of 2,600 francs) 30,600

Net Income 44,300

Dividends Declared & Paid 14,800

Increase in Retained Earnings 29,500

Direct exchange rates for Swiss franc are:

January 1, 2024 1.09

December 31, 2024 1.03

Average for 2024 1.06

Dividend declaration & Payment date 1.08

Remeasure the account balances that are expressed in Swiss francs into Brazilian reals. Direct exchange rates for the real are:

Beginning of current year 1.3940

End of current year 1.2899

Average for current year 1.3445

Dividend Payment date 1.2438

Swiss Franc Translation Rate Consolidated Income and Retained Earnings Statement Balance Sheet Cash and Receivables Net Property, Plant, and Equipment Total Accounts and Notes Payable Common Stock Retained Earnings Total List of Accounts Swiss Franc Translation Rate Consolidated Income and Retained Earnings Statement Balance Sheet Cash and Receivables Net Property, Plant, and Equipment Total Accounts and Notes Payable Common Stock Retained Earnings Total List of Accounts