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What is translation adjustment determined solely for 2015

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Reference no: EM131142133

Watson Company has a subsidiary in the country of Alonza where the local currency unit is the kamel (KM). On December 31. 2014, the subsidiary has the following balance sheet:

Cash

KM 13.500

Notes payable (due 2016)

KM 30.000

Inventory

25.000

Common stock

26.000

Land

8.000

Retained earnings

13.000

Building

45.000

 

 

Accumulated depreciation

(22.500)

 

 

 

KM 69.000

 

KM 69.000

The subsidiary acquired the inventory on August 1. 2014. and the land and buildings in 2000. It issued the common stock in 1998. During 2015. the following transactions took place:

1842_Transaction.jpg

The exchange rates for 1 KM are as follows:

1998

1 KM

=

$0.26

2000

1

=

0.24

August 1. 2014

1

=

0.34

December 31. 2014

1

=

0.36

February 1. 2015

1

=

0.38

May 1. 2015

1

=

0.40

June 1. 2015

1

=

0.42

August 1. 2015

1

=

0.44

September 1. 2015

1

=

0.46

October 1. 2015

1

=

0.48

November 1. 2015

1

=

0.50

December 1. 2015

1

=

0.52

December 31. 2015

1

=

0.56

Average for 2015

1

=

0.46

a. If this is a translation. what is the translation adjustment determined solely for 2015?

b. If this is a remeasurement. what is the remeasurement gain or loss determined solely for 2015?

Reference no: EM131142133

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