Describe how the translation gain or loss

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Reference no: EM13670262

.Sales are made an all expensesare incurred uniformly throughout the year 5.The ending inventory was acquired during the last quarter.6.The subsidiary declare and paid dividends of 375,000 francs on September27.The following direct exchange rates quotations are available:Date of Subsidiary Acquisition0.15Average for 20120.156January 1, 20130.17September 2, 2013 0.18December 31, 20130.19Average for the 4thquarter, 20130.185Average for 20130.1768.The U.S dollaris identified as the subsidiary functional currency9.The subsidiary beginning (1/1/13) Retained earnings in dollar were $76,660.Required:1.Remeasurethe financial statements into dollars. Provide supplementary calculations when needed and remeasure the Balance Sheet and Income statement line by line.(12points).2.Prepare theschedule to verify the translation gain or lossin requirement 1. Describe how the translation gain or losswould be reported in the financial statements

Reference no: EM13670262

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