The following account balances are for the Agee Company as of January and December All amounts are denominated in kroner Kr
Additional Information
Agee issued additional shares of common stock during the year on April Common stock on January was sold at the start of operations in
Agee purchased buildings in and sold one building with a book value of mathrmKr on July of the current year.
Equipment was acquired on April
Relevant exchange rates for Kr were as follows:
Required:
a Assuming the US dollar is the functional currency, what is the remeasurement gain or loss for The December US dollartranslated balance sheet reported retained earnings of $ which included a remeasurement loss of $
b Assuming the foreign currency is the functional currency, what is the translation adjustment for The December US dollartranslated balance sheet reported retained earnings of $ and a cumulative translation adjustment of $ credit balance
Note: For all requirements, input all answers as positive.
