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Need answers only asap! On January 1, 20X1,...

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Accounting

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On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in Switzeriand with an initial investment cost of Swiss francs (SFr) 63,000 . SunTime's December 31, 20X1, trial balance in SFr is as follows: 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,600 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: 6. The Swiss franc is the functional currency. Required: a. Prepare a proof of the translation adjustment. b. Where is the translation adjustment reported on Popular Creek's consolidated financial statements and its foreign subsidiary? Prepare a proof of the translation adjustment. Where is the translation adjustment reported on Popular Creek's consolidated financial statements and its foreign subsid Note: Select all that apply

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