Massmart Holdings Ltd. is a South African subsidiary of Wal-Mart Inc., selling high volume, low margin branded consumer goods to customers in twelve countries in Africa. Massmart's accounts are reported in South African rands (R). Assume that the following data relate to Massmart's activities for 2017 (in millions).

Sales, inventory purchases, and cash Operating expenses were reported evenly throughout the year. Exchange rates are as follows (\($/R):

Required

a. Prepare a schedule to compute Massmart’s 2017 remeasurement gain or loss, assuming Massmart’s functional currency is the U.S. dollar.

b. Prepare a schedule to compute Massmart’s 2017 translation gain or loss, assuming Massmart’s functional currency is the South African rand.

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Net monetary liabilities, beginning of year. Net assets, beginning of year... Transactions during 2017: Sales... Inventory purchases. Depreciation and amortization Cost of sales.. Cash operating expenses. Dividends declared and paid New long-term interest borrowings R(15,000) 5,400 72,000 59,000 1,000 61,000 9,500 100 300