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Determine the re-measurement gain under the temporal method

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J Bhd established a subsidiary in Singapore on 1 January 2018 by investing 1,000,000 Singapore dollar (SGD) in cash and no other assets or liabilities. The subsidiary immediately used SGD600, 000 to purchase equipment. During the year, it acquired evenly inventory costing SGD300, 000 and sold for SGD500, 000 in cash. Depreciation for the equipment for the year was SGD60, 000.

The exchange rates between the Malaysian Ringgit and the Singapore Dollar in 2018 were as follows:

1 January RM3.04/SGD

Average for the year RM2.99/SGD

31 December RM2.93/SGD

REQUIRED:

Question 1: Determine the re-measurement gain/loss under the temporal method that was recognized in 2018 financial statements

Reference no: EM132546055

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