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Item 44

Item 44 2 points

Time Remaining 2 hours 10 minutes 10 seconds

02:10:10

Parent Company's wholly-owned subsidiary, Son Corporation, maintains its accounting records in Danish krone. However, because all of Son's branch offices are in Sweden, its functional currency is the Swedish krona. Remeasurement of Son's 20X3 financial statements resulted in a $3,200 loss, and translation of its financial statement resulted in a $2,600 loss. What amount should Parent report as a loss in its income statement for the year ended December 31, 20X3?

Multiple Choice

$3,200

$5,800

$2,600

$0