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On January 1, 20X1, Popular Creek Corporation organized RoadTime Company as a subsidiary in Switzerland...

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Accounting

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On January 1, 20X1, Popular Creek Corporation organized RoadTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 60,000 RoadTime's December 31, 20X1, trial balance in SFr is as folows: Geoh The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,000 payable to 2 Purchases of inventory goods are made evenly during the year Items in the ending inventory were purchased November 1 Equipment is depreciated by the straight-ine method with a 10- year life and no residual value. A full years depreciation is takern in the year of acquisition. The equipment was acquired on March The dividends were declared and paid on November 1 Exchange rates were as follows The U.S. dollar is the functional currency for the foreign Prepare a proof of the remeasurement gain or loss. (Amounts to be deducted should be entered with a minus sign. Round "exchange rate" answers to 2 decimal places)

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