the answer I put in for b-107,350 is incorrect - PLEASE HELP The followng...
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the answer I put in for b-107,350 is incorrect - PLEASE HELP
The followng account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts are denominated in kroner (Kr). Additional Information - Agee Issued additional shares of common stock during the year on Aprll 1, 2020. Common stock at January 1, 2020, was sold at the start of operations in 2013. - Agee purchased bulldings in 2014 and sold one bullding with a book value of Kr 9.500 on July 1 of the current year. Equipment was acquired on April 1, 2020. Relevant exchange rates for 1Kr were as follows: a. Assuming the U.S. dollar is the functional currency, what is the remeasurement galn or loss for 2020? The December 31, 2019, U.S. dollar-translated balance sheet reported retained earnings of $75,950, which Included a remeasurement loss of $12,450. b. Assuming the forelgn currency is the functional currency, what is the translation adjustment for 2020 ? The December 31,2019 , U.S. dollar-translated balance sheet reported retained earnings of $92,500 and a cumulative translation adjustment of $10,150 (credit balance). (For all requirements, input all answers as positive.)
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