On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary In Switzerland with an Initial Investment cost of Swiss francs (SFr) 65,000. SunTime's December 31, 20X1, trial balance in SFr is as follows: Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant and Equipment Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Sales Cost of Goods Sold Depreciation Expense Operating Expense Dividends Paid Total Additional Information Debit SFr 7,200 23,000 Credit 6,100 26,000 109,000 SFr 10, 200 13,700 53,000 65,000 160,900 74,000 10,200 31,500 15,800 SFr 302,800 SFr 302,800 1. The receivable from Popular Creek is denominated in Swiss francs. Its books show a $4,453 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: January 1 March 1 SFr 1 SFr 1 $ 0.77 $0.80 November 1 SFr 1 = $ 0.74 December 31 SFr 1$ 0.73 20x1 average SFr 1 = $ 0.75 6. The U.S. dollar Is the functional currency.