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Question - ABC US Inc. is operating within US territory wherein the functional currency US $. However, the presentation currency of the said bank Philippine Peso. The following financial position data for the year 2022 are provided:
Assets, 12/31/2022
$1,000
Liabilities, 12/31/2022
200
Ordinary shares, 12/31/2022
300
Share premium, 12/31/2022
100
Retained earnings, 1/1/2022
2022 net income
Dividends declared, 12/1/2022
The following additional data are provided:
All ordinary shares are issued on January 1, 2015.
The translated amount of retained earnings at Philippine Peso on December 31, 2021 is P8,000.
The following direct exchange rates are determined:
1/1/2015
P45
12/31/2021
42
12/1/2022
41
12/31/2022
43
Average rate for 2022
44
Required -
1. What is the translation adjustment to be recognized by ABC US in its Statement of Comprehensive Income for the year ended December 31, 2022?
2. How much is the translated amount of total shareholders' equity, including the translation adjustment?
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