On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 78,000. SunTime's December 31, 20X1, trial balance in SFr is as follows: Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant & Equipment Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Sales Cost of Goods Sold Depreciation Expense Operating Expense Dividends Paid Total Debit SFr 8,600 Credit 23,000 5,400 27,000 103,000 SFr 11,000 12,400 54,500 78,000 149,500 75,000 11,000 35,000 17,400 SFr305,400 SFr305,400 Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,320 payable to SunTime. 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 $ January 1 1=0.73 March 1 1=0.74 November 1 1=0.77 December 31 1=0.80 20X1 average 1=0.75 6. The Swiss franc is the functional currency.