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On January 2, 2019, Potter Company, a U.S.-based company, acquired for 2,000,000 francs an 80% interest in Slytherin Company, a Swiss company. On January 2, 2019, Slytherin Company reported a retained earnings balance of 480,000 francs. Slytherins books are maintained in Swiss francs and are in conformity with U.S. generally accepted accounting principles. Trial balances of the two companies as of December 31, 2020, are presented here:

Debits	P Company (Dollars)	S Company (Swiss Francs)
Cash	500,200	962,500
Accounts Receivable	516,400	660,000
Inventories (FIFO cost)	627,800	1,037,000
Investment in S Company	300,000	-
Land	450,000	500,000
Buildings (net)	610,000	550,000
Equipment (net)	563,000	405,000
Dividends Declared	200,000	375,000
Cost of Goods Sold	2,720,000	2,313,000
Depreciation Expense	210,000	125,000
Other Expense	914,000	818,800
Income Tax Expense	100,000	102,000
Totals	7,711,400	7,848,300
Credits	P Company (Dollars)	S Company (Swiss Francs)
Accounts Payable	540,000	800,000
Short-term Notes Payable	300,000	650,300
Bonds Payable	700,000	850,000
Common Stock	800,000	960,000
Additional Paid-in Capita	300,000	300,000
Retained Earnings, 1/1	544,400	513,000
Sales	4,200,000	3,775,000
Dividend Income	327,000	-
Totals	7,711,400	7,848,300

Other information related to the subsidiary follows:

1. Beginning inventory of 830,000 Swiss francs was acquired when the exchange rate was $1.078.

2. Purchases made uniformly throughout 2020 were 2,520,000 francs.

3. The Swiss franc is identified as the subsidiarys functional currency.

4. The subsidiarys beginning (1/1/20) retained earnings and cumulative translation adjustment (credit) in dollars were $175,948 and $390,691 respectively.

5. All plant assets were acquired before the parent obtained a controlling interest in the subsidiary.

6. Sales are made and all expenses are incurred uniformly throughout the year.

7. The ending inventory was acquired during the last quarter.

8. The subsidiary declared and paid dividends of 375,000 francs on September 2.

9. The following direct exchange rate quotations were available:

Date of subsidiary acquisition	$1.07
Average for 2014	1.075
January 1, 2015	1.08
September 2, 2015	1.09
December 31, 2015	1.10
Average for the 4th quarter, 2015	1.095
Average for 2015	1.085

Required:

1. Convert the accounts of the foreign subsidiary, assuming that the U.S. dollar is the functional currency of both companies. For this problem assume that the subsidiarys beginning (1/1/20) retained earnings balance in the translated balance sheet is $551,055.

2. Prepare a schedule to verify the translation gain or loss, assuming a 637,000 Swiss franc net exposed liability position at the beginning of the year.