On January 2, 2012, the Franklin Company formed a Swiss subsidiary, T Europe AG. The subsidiary issued all of its currently outstanding common stock on that date. Selected accounts from its balance sheets on December 31,2012 and 2013, all of which are shown in Swiss francs (CHF), are as follows:

Additional information:
1. Exchange rates are as follows:

2. An analysis of inventories, for which the FIFO inventory method is used, is as follows:

3. On January 2,2012, Europe purchased land for CHF24,000 and plant and equipment for CHF140,000. On July 4,2013, additional equipment was purchased for CHF30,000. Plant and equipment is depreciated on a straight-line basis over a ten-year period with no salvage value. A full year's depreciation is taken in the year of purchase.
Required
a. Prepare a schedule remeasuring the selected accounts above into dollars (the functional currency) at December 31, 2013, and December 31, 2012, respectively. Show supporting computations in good form
b. Prepare a schedule translating the selected accounts above into dollars at December 31, 2013, and December 31,2012, assuming the Swiss franc is the functional currency

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December 31 (in millions) Accounts receivable, netCHF 40,000 CHF 35,000 Property, plant and equipment, net of accumulated depreciation 2013 2012 80,000 75,000 of CHF31,000 at December 31, 2013 and CHF14,000 at December 31, 2012. 163,000 100,000 150,000 120,000 Common stock, 10,000 shares authorized, issued and outstanding 5,000 shares at December 31, 2013 and December 31.2012 50,000 50,000 S/CHF 0.50 0,55 0.58 January 1, 2012 July 31, 2012 November 1,2012 June 30, 2013 July 1,2013-December 31, 2013.. Average rate for 2012. Average rate for 2013.t* .* * 0.67 0.53 0.63 2013 2012 Inventory at beginning of year ...*a CHF 75,000 Purchases (June 2013 and June 2012) .. Goods available for sale... Inventory at end of yea. 335,000 410,000 (80,000) CHF375,000 375,000 (75,000) CHF300,000