red boxes, what are the correct answers?

Exercise 13-4 On January 1, 2014, Trenten Systems, a U.S.-based company, purchased a controlling interest in Grant Management Consultants located in Zurich, Switzerland. The acquisition was treated as a purchase transaction. The 2014 financial statements stated in Swiss francs are given below. GRANT MANAGEMENT CONSULTANTS Comparative Balance Sheets January 1 and December 31, 2014 Jan. 1 Dec. 31 Cash and Receivables 19,600 55,700 Net Property, Plant, and Equipment 39,600 36,800 Totals 59,200 92,500 Accounts and Notes Payable 30,100 32,200 Common Stock 19,700 19,700 Retained Earnings 9,400 40,600 Totals 59,200 92,500 GRANT MANAGEMENT CONSULTANTS Consolidated Income and retained Earnings Statement for the Year Ended December 31, 2014 Revenues 76,500 Operating Expenses including Depreciation of 2,800 francs 30,000 Net Income 46,500 Dividends Declared and Paid 15,300 Increase in Retained Earnings 31,200 Direct exchange rates for Swiss franc are: January 1, 2014 December 31, 2014 Average for 2014 Dividend declaration and payment date Dollars per Franc $0.5987 0.5321 0.5654 0.5810 (a) Your answer is correct. Translate the year-end balance sheet and income statement of the foreign subsidiary using the current rate method of translation. (Round answers to o decin number e.g. -2,945 or parentheses e.g. (2,945).) Swiss Francs Translation Rate Consolidated Income and Retained Earnings Statement Revenues 76500 0.5654 43253 Operating Expenses 30000 0.5654 16962 ! Net Income / (Loss) 46500 26291 M Retained Eamings - 1/1 9400 0.5987 5628 55900 31919 Dividends 15300 0.5810 8889 40600 23030 Retained Earnings - 12/31 Balance Sheet Cash and Receivables 55700 0.5321 29638 Net Property, Plant, and E 36800 0.5321 19581 Total 92500 49219 Accounts and Notes Payab 32200 0.5321 17134 Common Stock 19700 0.5987 11794 Retained Earnings 40600 23030 92500 51958 Cumulative Translation Ad 0 -2739 Total 92500 49219 SUOTTSTE ACCOUNTS (b) Your answer is partially correct. Try again. Prepare a schedule to verify the translation adjustment. (Round answers to 0 decimal places, e.g. 5,125. Enter loss and debit cumulative translation adjustment using Swiss Francs Translation Rate X Exposed Net Asset Position - 1/1 60300 0.5987 36102 Adjustment for Changes in the Net Asset Position During the Year Net Income 46500 0.5654 26291 Dividends -15300 0.5810 -8889 X Net Asset Position Translated Using Rate in Effect at Date of Transactions 53504 x MONT Exposed Net Asset Position - 12/31 91500 0.5321 48687 Cumulative Translation Adjustment (debit) 4817