9 Translate the financial statements below for Millie and Ace, Inc. and then answer the questions below. You can show your work on the financial statements below or use your scratch paper. I will only be grading your answers to the questions that are below. Make sure the questions match the company name, Mllie and Ace. t of Inc. ebon They used the kona throughout the year, however, their functional currency is the USD. The company started on 1/1/20 by issuing common stock. The following events occurred in 2020: - Building was purchased on 2/1/20. -Patent was purchased on 3/15/20 - Dividends were declared on 5/1/20. - Vehicles were bought on 8/10/20 - Purchases of inventory in 2020 were 98,000 kona, and ending inventory only consisted of inventory purchased in the 4th quarter. Beginning inventory for the year was 300,000 kona, The following exchange rates occurred in 2020. Date Rate $1.40 $1.30 $1.50 1/1/20 2/1/20 3/15/20 5/1/20 8/10/20 12/31/20 Average for 2020 $1.80 $1.20 $1.70 $1.60 LG Use your translated financial statements for Millie and Ace to answer the questions below: A. Is this a remeasurement gain/loss or a translation adjustment for Millie and Ace? B. How much is the remeasurement gain/loss or translation adjustment for Millie and Ace? C. Which FS (BS or IS) is the remeasurement gain/loss or trans. adj. located for Millie and Ace? D. What is total property, plant, and equipment for the translated financial statements? E. What is COGS for the translated financial statements? 9 Translate the financial statements below for Millie and Ace, Inc. and then answer the questions below. You can show your work on the financial statements below or use your scratch paper. I will only be grading your answers to the questions that are below. Make sure the questions match the company name, Mllie and Ace. t of Inc. ebon They used the kona throughout the year, however, their functional currency is the USD. The company started on 1/1/20 by issuing common stock. The following events occurred in 2020: - Building was purchased on 2/1/20. -Patent was purchased on 3/15/20 - Dividends were declared on 5/1/20. - Vehicles were bought on 8/10/20 - Purchases of inventory in 2020 were 98,000 kona, and ending inventory only consisted of inventory purchased in the 4th quarter. Beginning inventory for the year was 300,000 kona, The following exchange rates occurred in 2020. Date Rate $1.40 $1.30 $1.50 1/1/20 2/1/20 3/15/20 5/1/20 8/10/20 12/31/20 Average for 2020 $1.80 $1.20 $1.70 $1.60 LG Use your translated financial statements for Millie and Ace to answer the questions below: A. Is this a remeasurement gain/loss or a translation adjustment for Millie and Ace? B. How much is the remeasurement gain/loss or translation adjustment for Millie and Ace? C. Which FS (BS or IS) is the remeasurement gain/loss or trans. adj. located for Millie and Ace? D. What is total property, plant, and equipment for the translated financial statements? E. What is COGS for the translated financial statements