Translate and remeasure 2022 financial statements of USCO using the following exchange rates:

To properly translate the Swiss franc financial statements into U.S. dollars, USCO must gather exchange rates between the Swiss franc and U.S. dollar at various points in time. Relevant exchange rates (in U.S. dollars) are as follows:

January 1, 2022	$0.60
Rate when property, plant & equipment was acquired and long-term debt was incurred, March 15, 2022	0.59
Rate when patent was acquired, April 10, 2022	0.58
Average 2022	0.55
Rate when dividends were declared, October 1, 2022	0.53
Average fourth quarter 2022	0.52
December 31, 2022	0.50

The Swiss franc steadily depreciated against the dollar during the year, from a value of $0.60 on January 1 to $0.50 on December 31.

Translate USCO's financial statements using Current Rate method:

SWISSCO Income Statement For the year ended Dec 31, 2022
	CHF	Translation rate	US$
Sales	CHF 4,000,000
COGS	(3,000,000)
Gross profit	1,000,000
Depreciation expense	(100,000)
Amortization expense	(10,000)
Other expenses	(220,000)
Income before income taxes	670,000
Income taxes	(200,000)
Net income	CHF 470,000

SWISSCO Retained Earnings Statement For the year ended Dec 31, 2022
	CHF	Translation rate	US$
R.E, 1/1/2022	CHF 0
Net income (2022)	470,000
Dividend, 10/1/2022	(150,000)
R.E, 12/31/2022	320,000

SWISSCO Balance Sheet As of Dec 31, 2022
	CHF	Translation rate	US$
Assets:
Cash	CHF 130,000
Accounts Receivable	200,000
Inventory	400,000
Total current assets	730,000
Property, plant, equipment	1,000,000
Less: Acc. Depreciation	(100,000)
Patents, net	40,000
Total assets	CHF 1,670,000
Liabilities and Equities:
Accounts payable	CHF 600,000
Total current liabilities	600,000
Long-term debt	250,000
Total liabilities	850,000
Common stock	100,000
Additional Paid-in-capital	400,000
Retained Earnings	320,000
Cumulative translation adjustment		To balance
Total equity	820,000
Total liabilities and equity	CHF 1,670,000

SWISSCO Statement of Cash Flows For the year ended Dec 31, 2022
	CHF	Translation rate	US$
Operating activities:
Net income	CHF 470,000	A
Add: Depreciation	100,000	A
Amortization	10,000	A
Increase in accounts receivable	(200,000)	A
Increase in inventory	(250,000)	A
Increase in accounts payable	600,000	A
Net cash from operating activities	730,000
Investing activities:
Purchase of PPE	(1,000,000)	H
Acquisition of patent	(50,000)	H
Net cash from investing activities:	(1,050,000)
Financing activities:
Proceeds from long-term debt	250,000	H
Payment of dividends	(150,000)	H
Net cash from financing activities:	100,000
Decrease in cash	(220,000)
Effect of exchange rate on change in cash		To balance
Cash at beginning	CHF 350,000	H
Cash at the end	CHF 130,000	C