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.

Direct exchange rates for Swiss franc are:
Dollars per Franc
January 1, 2014 .........................................$.5987
December 31, 2014 .................................... .5321
Average for 2014 ...................................... .5654
Dividend declaration and payment date ........... .5810
Required:
A. Translate the year-end balance sheet and income statement of the foreign subsidiary using the current rate method of translation.
B. Prepare a schedule to verify the translation adjustment.

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GRANT MANAGEMENT CONSULTANTS Comparative Balance Sheets January 1 and December 31, 2014 In Dec. 31 Cash and Receivables Net Property, Plant, and Equipment 20,000 40,000 55,000 37,000 92,000 Totals Accounts and Notes Payable Common Stock Retained Earnings 30,000 20,000 0,000 60,000 32,000 20,000 40,000 Totals GRANT MANAGEMENT CONSULTANTS Consolidated Income and Retained Earnings Statement for the Year Ended December 31, 2014 Revenues Operating Expenses including Depreciation of 3,000 francs Net Income Dividends Declared and Paid Increase in Retained Earnings 75,000 30,000 45,000 15,000 30,000