Question 2: On January 1, 2018, TATA Systems, a U.S.-based company, purchased a controlling interest in GEELY Management Consultants located in Zurich, Switzerland. Cash and Receivable Net property, Plant &Equipment Total January 1 5.000 10,000 December 31 13.750 9,250 15,000 23,000 Accounts Payable Common Stock Retained Eamings Total 7,500 5,000 2,500 15,000 8.000 5,000 10.000 23,000 Revenues Operating Expenses (including Deprecation 750) Net Income Dividends declared & paid Increase in Retained Eamings 18,750 7.500 11,250 3,750 7,500 Direct exchange rates for Swiss franc are: Dollars per Franc S.5987 January 1, 2018 December 31, 2018 .5321 Average for 2018 .5654 Dividend declaration and payment date .5810 Required: Translate the year-end balance sheet and income statement of the foreign subsidiary using 1. The current rate method of translation 2. Convert (re measure) the financial statements of the foreign subsidiary using the temporal method of translation