On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 79,000. 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 Credit SFr 7,400 23,500 5,900 27,500 101,000 SFr 11,400 13,500 53,500 79,000 145, 100 73,500 11,400 34,500 17,800 SFr302,500 SFr302,500 Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,720 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 November 1 December 31 20X1 average SFr $ 1 = 0.73 1 = 0.74 1 = 0.77 1 = 0.80 1=0.75 6. The Swiss franc is the functional currency. Required: Prepare a schedule translating the December 31, 20X1, trial balance from Swiss francs to dollars. (If no adjustment is needed, select 'No entry necessary.) SUNTIME COMPANY Trial Balance Translation Schedule December 31, 20X1 U.S. Dollars Cash Accounts receivable (net) Receivable from Popular Creek Inventory Plant and equipment Cost of goods sold Depreciation expense Operating expense Dividends paid $ 0 $ 0 Total No entry necessary Total debits Accumulated depreciation Accounts payable Bonds payable Common stock Sales Total $ 0 Accumulated other comprehensive income - Translation adjustment Total credits $ 0