on January 1, 20X1, Popular Creek Corporation organized RoadTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 68,000. RoadTime's December 31, 20X1, trial balance in SFr is as follows: Credit Debit SFr 8,800 Cash Accounts Receivable (net) 24,000 Receivable from Popular Creek 5,700 Inventory 26,500 Plant & Equipment 108,000 SFr 10,600 Accumulated Depreciation Accounts Payable 13,600 50,500 Bonds Payable Common Stock 68,000 Sales 160,300 71,500 Cost of Goods Sold Depreciation Expense 10,600 Operating Expense 30,500 Dividends Paid 17,400 Total SFr303,000 SFr303,000 Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,700 payable to RoadTime. 2. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1 3. Equipment is depreciated by the straight-line method with a 10-year life and no residual value. A full year's depreciation is taken in the year of acquisition. The equipment was acquired on March 1. 4. The dividends were declared and paid on November 1 5. Exchange rates were as follows: SFr 1 0.73 January 1 March 1 0.74 November 1 0.77 December 31 0.80 20X1 average 1 0.75 6. The Swiss franc is the functional currency