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What is accounting loss or gain under current rate method

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Reference no: EM132039112

ABC company had the following balance sheet in millions of pesos on DEC. 31 2015

Assets

Cash 100

Acct rec. 400

Inventory 700

Net plant and equipment 800

Liabilities and net worth

Acct pay 400

Long Term debt 600

Capital stock 200

Retained earnings 800

Relevant exchange rate

$.10/peso inventory and capital stock were acquired

$.08/peso plant & equipment LT debt

Ex rate for 31 dec 2015

$.12/peso ex rate 01 Jan 2016

What is the accounting loss or gain under the current rate method from dec 31 2015 to January 1, 2016?

What is the accounting loss or gain under the temporal method from dec 31 2015 to January 1, 2016?

On January 1, 2016, the value of inventories under the temporal rate method was ____?

On January 1, 2016, the value of long term debt under the temporal rate method was ____?

Reference no: EM132039112

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