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

On January 1, 20X1, Popular Creek Corporation organized RoadTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 77,000. RoadTime’s December 31, 20X1, trial balance in SFr is as follows:

	Debit		Credit
Cash	SFr	8,800
Accounts Receivable (net)		24,000
Receivable from Popular Creek		6,900
Inventory		27,000
Plant & Equipment		109,000
Accumulated Depreciation			SFr	10,900
Accounts Payable				14,000
Bonds Payable				53,500
Common Stock				77,000
Sales				154,300
Cost of Goods Sold		73,000
Depreciation Expense		10,900
Operating Expense		33,500
Dividends Paid		16,600
Total	SFr	309,700	SFr	309,700
Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Its books show a $5,037 payable to RoadTime. 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:    SFr $       January 1 1 = 0.80   March 1 1 = 0.77   November 1 1 = 0.74   December 31 1 = 0.73   20X1 average 1 = 0.75 6. The U.S. dollar is the functional currency.    Required: a. Prepare a schedule remeasuring the December 31, 20X1, trial balance from Swiss francs to dollars. (If no adjustment is needed, select 'No entry necessary'.) ROADTIME COMPANY Trial Balance Remeasurement Schedule December 31, 20X1 U.S. Dollars Cash Accounts receivable (net) Receivable from Popular Creek Inventory Plant and equipment Cost of goods sold Depreciation expense Operating expense Dividends paid Total 0 Total debits $0 Accumulated depreciation Accounts payable Bonds payable Common stock Sales Total $0 Total credits $0