Question: Refer to the data in Exercise E12 5 but now assume

Refer to the data in Exercise E12-5, but now assume that the 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
In E12-5

The receivable from Popular Creek is denominated in Swiss francs. Its books show a $3,650 payable to RoadTime. Assume that the U.S. dollar is the functional currency.

a. Prepare a schedule remeasuring the December 31, 20X1, trial balance from Swiss francs to dollars.
b. Compare the results of Exercise E12-7, in which the dollar weakens against the Swiss franc during 20X1, with the results in this exercise (E12-10), in which the dollar strengthened against the Swiss franc during20X1.
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