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value: 25.00 points On January 1, 20X1, Popular Creek Corporation organized RoadTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 71,000. RoadTime's December 31, 20x1 rial balance in SFr is as follows: Debit Credit Cash Accounts Receivable (net) Receivable from Popular Creek Inventory Plant& Equipment Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Sales SFr 8,000 21,000 5.400 29,000 106,000 SFr 11,500 12,300 53,500 71,000 156,200 Cost of Goods Sold 72,000 Depreciation Expense Operating Expense Dividends Paid 11,500 35,000 18,600 Total SFr304,500 SFr304,500 Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a 54,400 payable to Road Time. 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 Exchange rates were as follows: January 1 March 1 November 1 December 31 20x1 average 10.73 10.74 10.77 10.80 10.75