The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts are denominated in kroner (Kr). Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Bonds payable-due 2023 Buildings Cash Common stock Depreciation expense January 1, 2020 (24,000) 45,000 (36,000) 0 (55,000) 125,000 51,000 (60,000) 0 December 31, 2020 (31,500) 95,000 (41,000) (6,600) (55,000) 100,500 9,600 (71,000) 31,000

The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts are denominated in kroner (Kr). Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Bonds payable-due 2023 Buildings Cash Common stock Depreciation expense January 1, 2020 (24,000) 45,000 (36,000) 0 (55,000) 125,000 51,000 (60,000) 0 December 31, 2020 (31,500) 95,000 (41,000) (6,600) (55,000) 100,500 9,600 (71,000) 31,000

Name: h a. Assuming the U.S. dollar is the functional currency, what is the
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Description: h a. Assuming the U.S. dollar is the functional currency, what is the remeasurement gain or loss for 2020? TheDecember 31, 2019, U.S. dollar-translated balance sheet reported retained earnings of $96,600, which included aremeasurement loss of $13,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

a. Assuming the U.S. dollar is the functional currency, what is the remeasurement gain or loss for 2020? The
December 31, 2019, U.S. dollar-translated balance sheet reported retained earnings of $96,600, which included a
remeasurement loss of $13,000.
b. Assuming the foreign 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 $112,500 and a cumulative
translation adjustment of $10,800 (credit balance).
(For all requirements, input all answers as positive.)
a. Remeasurement
gain
b. Translation adjustment positive
$
$
16,540
65,440

The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All
amounts are denominated in kroner (Kr).
Accounts payable
Accounts receivable
Accumulated depreciation-buildings
Accumulated depreciation-equipment
Bonds payable-due 2023
Buildings
Cash
Common stock
Depreciation expense
Dividends (10/1/20)
Equipment
O
Gain on sale of building
Rent expense
Retained earnings
Salary expense
Sales
Utilities expense
Additional Information
Relevant exchange rates for 1 Kr were as follows:
2013
2014
January 1, 2020
April 1, 2020
July 1, 2020
October 1, 2020
December 31, 2020
Average for 2020
$
2.25
2.55
January 1, 2020
(24,000)
45,000
(36,000)
0
(55,000)
125,000
Agee issued additional shares of common stock during the year on April 1, 2020. Common stock at January 1, 2020,
was sold at the start of operations in 2013.
O
Agee purchased buildings in 2014 and sold one building with a book value of Kr 5,100 on July 1 of the current year.
o Equipment was acquired on April 1, 2020.
2.65
2.85
2.95
3.05
2.75
51,000
(60,000)
0
0
0
0
0
(46,000)
0
0
0
December 31, 2020
(31,500)
95,000
(41,000)
(6,600)
(55,000)
100,500
9,600
(71,000)
31,000
48,000
46,000
(7,600)
18, 100
(46,000)
36,000
(133,000)
7,500

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