Refer to the information in problem 12-23. Assume the U.S. dollar is the functional currency.

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a. Prepare a schedule remeasuring the December 31, 20X3, trial balance of Western Ranching Company from Australian dollars to U.S. dollars.

b. Prepare a schedule providing a proof of the remeasurement gain or loss. The subsidiary's net monetary liability position on January 1, 20X3, was A \(\$ 80,000\).