Question-3 (M.) On January 1, 2022, Punale Corporation, a U.S. company, formed Syrata C subsidiary in exchange for all of the subsidiary's common stock. Syrata, purc May 1, 2022, at a cost of €500,000, with €100,000 allocated to land and € building. Syrata has now ended its second year of operations on Decembe exchange rates are: January 01, 2022, = 1€= $1.60 May 01, 2022, = 1€= $1.62 December 31, 2023, = 1€= $1.57 2023 average rate = 1€ = $1.56 January 01, 2023 Retained earnings 1€ 213,500 = $365,000 Syrata 's adjusted trial balance is presented below for the calendar year 2023. Debits: Cash In Pounds € 172,000 Accounts receivable Notes receivable Building Land Depreciation expense Other expenses Salary expense Total debits Credits Accumulated depreciation Accounts payable Common stock Retained earnings Sales revenue Total credits Required: Prepare Syrata 's: 1. Remeasurement working papers; 2. Remeasured income statement; and 3. Remeasured balance sheet. 308,000 98,000 400,000 100,000 10,000 117,000 376,000 €1,581,000 €17,500 200,000 550,000 213,500 600,000 €1,581,000
Question-3 (M.) On January 1, 2022, Punale Corporation, a U.S. company, formed Syrata C subsidiary in exchange for all of the subsidiary's common stock. Syrata, purc May 1, 2022, at a cost of €500,000, with €100,000 allocated to land and € building. Syrata has now ended its second year of operations on Decembe exchange rates are: January 01, 2022, = 1€= $1.60 May 01, 2022, = 1€= $1.62 December 31, 2023, = 1€= $1.57 2023 average rate = 1€ = $1.56 January 01, 2023 Retained earnings 1€ 213,500 = $365,000 Syrata 's adjusted trial balance is presented below for the calendar year 2023. Debits: Cash In Pounds € 172,000 Accounts receivable Notes receivable Building Land Depreciation expense Other expenses Salary expense Total debits Credits Accumulated depreciation Accounts payable Common stock Retained earnings Sales revenue Total credits Required: Prepare Syrata 's: 1. Remeasurement working papers; 2. Remeasured income statement; and 3. Remeasured balance sheet. 308,000 98,000 400,000 100,000 10,000 117,000 376,000 €1,581,000 €17,500 200,000 550,000 213,500 600,000 €1,581,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Question-3 (M.)
On January 1, 2022, Punale Corporation, a U.S. company, formed Syrata C
subsidiary in exchange for all of the subsidiary's common stock. Syrata, purc
May 1, 2022, at a cost of €500,000, with €100,000 allocated to land and €
building. Syrata has now ended its second year of operations on Decembe
exchange rates are:
January 01, 2022, = 1€= $1.60
May 01, 2022,
= 1€= $1.62
December 31, 2023, = 1€= $1.57
2023 average rate = 1€ = $1.56
January 01, 2023 Retained earnings 1€ 213,500
=
$365,000
Syrata 's adjusted trial balance is presented below for the calendar year 2023.
Debits:
Cash
In Pounds
€ 172,000
Accounts receivable
Notes receivable
Building
Land
Depreciation expense
Other expenses
Salary expense
Total debits
Credits
Accumulated depreciation
Accounts payable
Common stock
Retained earnings
Sales revenue
Total credits
Required:
Prepare Syrata 's:
1. Remeasurement working papers;
2. Remeasured income statement; and
3. Remeasured balance sheet.
308,000
98,000
400,000
100,000
10,000
117,000
376,000
€1,581,000
€17,500
200,000
550,000
213,500
600,000
€1,581,000
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