Asda is a British supermarket chain owned by Wal-Mart Stores, Inc. Assume that the following data relate to Asda's activities for 2017 (in millions).

Net assets (liabilities) reported at fair value, January 1, 2017	560
Acquisition of plant assets for debt, February 15, 2017	800
Purchase of inventory made evenly during 2017	2,800
Collection of receivables outstanding at January 1, 2017	2,160
Sales made evenly during 2017	4,800
Cost of goods sold	2,640
Depreciation of assets acquired when the exchange rate was $1.80/	320
Current operating expenses (excluding depreciation and amortization),incurred evenly during 2017	960
Refinancing or "rollover" of commercial paper	640

Exchange rates ($/) during 2017 are:

January 1, 2017	$1.52	Average for 2017	$1.58
February 15, 2017	1.56	December 31, 2017	1.61

(a) Assuming Asda's functional currency is the U.S. dollar, prepare a schedule to compute the remeasurement gain or loss for 2017

Instructions:

Use negative signs with answers to indicate a negative exposed position balance.

Use negative signs with answers to indicate an amount that reduces the exposed position balance.

Using the drop-down menu, select the appropriate answer to indicate a remeasurement gain or remeasurement loss.

Do not use a negative sign with your remeasurement gain or remeasurement loss answer.

Enter answers using all decimal places, if applicable (do not round answers).

(in millions)	Amount ()	$/	Amount ($)
Exposed position, 1/1/17	Answer	Answer	Answer
Acquisition of plant assets for debt	Answer	Answer	Answer
Purchase of inventory	Answer	Answer	Answer
Sales	Answer	Answer	Answer
Operating expenses	Answer	Answer	Answer
			Answer
Exposed position, 12/31/17	Answer	Answer	Answer
AnswerRemeasurement gainRemeasurement loss			Answer

(b) Assuming Asda's functional currency is the pound, prepare a schedule to compute the translation gain or loss for 2017. Assume net assets on January 1, 2017, amounted to 1,200 million.

Instructions:

Use negative signs with answers to indicate a negative exposed position balance.

Use negative signs with answers to indicate an amount that reduces the exposed position balance.

Using the drop-down menu, select the appropriate answer to indicate a translation gain or translation loss.

Do not use a negative sign with your translation gain or translation loss answer.

Enter answers using all decimal places, if applicable (do not round answers).

(in millions)	Amount ()	$/	Amount ($)
Exposed position, 1/1/17	Answer	Answer	Answer
Net income	Answer	Answer	Answer
			Answer
Exposed position, 12/31/17	Answer	Answer	Answer
AnswerTranslation gainTranslation loss			Answer