Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ? Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2020 with three assets: cash of 20,000 dinars,accounts receivable of 80,000 dinars, and land that cost 200,000 dinars when acquired on April 1, 2019. On January 1, 2020, Zugarhas a 150,000 dinar note payable, and no other liabilities. On May 1, 2020, Zugar renders services to a customer for 120,000 dinars,which was immediately paid in cash. On June 1, 2020, Zugar incurred a 100,000 dinar operating expense, which was immediately paidin cash. No other transactions occurred during the year. Currency exchange rates for 1 dinar follow:April 1, 2019January 1, 2020May 1, 2020June 1, 2020December 31, 2020a. Assume that Zugar is a foreign subsidiary of a U.S. multinational company that uses the U.S. dollar as its reporting currency. Assumealso that the dinar is the subsidiary's functional currency. What is the translation adjustment for this subsidiary for the year 2020?b. Assume that Zugar is a foreign subsidiary of a U.S. multinational company that uses the U.S. dollar as its reporting currency. Assumealso that the U.S. dollar is the subsidiary's functional currency. What is the remeasurement gain or loss for 2020?c. Assume that Zugar is a foreign subsidiary of a U.S. multinational company. On the December 31, 2020, balance sheet, what is thetranslated value of the Land account? On the December 31, 2020, balance sheet, what is the remeasured value of the Landaccount?(Input all amounts as positive.)a. Positiveb.C.$0.33= 1 dinar0.36 = 10.37 = 10.39 = 10.41 = 1Remeasurement gainTranslated value of landRemeasured value of landtranslation adjustment$$$S10,30030082,00069,700

A company is considered to have a foreign subsidiary if a foreign corporation owns at least 50% of…

Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2020 with three assets: cash of 20,000 dinars, accounts receivable of 80,000 dinars, and land that cost 200,000 dinars when acquired on April 1, 2019. On January 1, 2020, Zugar has a 150,000 dinar note payable, and no other liabilities. On May 1, 2020, Zugar renders services to a customer for 120,000 dinars, which was immediately paid in cash. On June 1, 2020, Zugar incurred a 100,000 dinar operating expense, which was immediately paid in cash. No other transactions occurred during the year. Currency exchange rates for 1 dinar follow: April 1, 2019 January 1, 2020 May 1, 2020 June 1, 2020 December 31, 2020 $0.33= 1 dinar 0.36 = 1 0.37- 1 0.39- 0.41 1 1

Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2020 with three assets: cash of 20,000 dinars, accounts receivable of 80,000 dinars, and land that cost 200,000 dinars when acquired on April 1, 2019. On January 1, 2020, Zugar has a 150,000 dinar note payable, and no other liabilities. On May 1, 2020, Zugar renders services to a customer for 120,000 dinars, which was immediately paid in cash. On June 1, 2020, Zugar incurred a 100,000 dinar operating expense, which was immediately paid in cash. No other transactions occurred during the year. Currency exchange rates for 1 dinar follow: April 1, 2019 January 1, 2020 May 1, 2020 June 1, 2020 December 31, 2020 $0.33= 1 dinar 0.36 = 1 0.37- 1 0.39- 0.41 1 1

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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