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Remeasurement of nancial statements Assume that your company owns a subsidiary operating in Australia. The subsidiary has adopted the Australian Dollar (AU D) as its functional currency. Your parent company operates this subsidiary like a division or a branch ofce, making all of its operating decisions, including pricing of its products. You conclude, therefore, that the functional currency of this subsidiary is the $US and that its nancial statements must be remeasured prior to consolidation. The subsidiary's nancial statements (in AUD) for the most recent year follow in part a. below: The relevant exchange rates for the $US value of the Australian Dollar (AUD) are as follows: BOY rate $0.86 EDY rate 30.73 Avg. rate $0.79 Dividend rate $0.74 Historical rates: Beginning inventory $0.86 Land $0.75 Building $0.75 Equipment $0.75 Historical rate (cummon stuck and APiC) $1.05 For parts a. and b. below, use a negative Sign with answers to indicate a reduction. a. Remeasure the subsidiary's income statement, statement of retained earnings, and balance sheet into $US for the current year (assume that the BOY Retained Earnings is $1,714,726). Round all answers in "In US Dollars" column to the nearest dollar. Remeasure In (in AUD) Rate US Dollars Beginning inventory $1,192,000 $ Purchases 3,118,400 Ending inventory (1,430,400) Cost of goods sold $2,880,000 $ Land $1,045,760 Building 1,920,000 Accum.deprec.-building (960,000) Equipment 1,280,000 Accum.deprec.-equipment (640,000) Property, plant, and equipment (PPE), net $2,645,760 Depreciation expense-building $96,000 Depreciation expense-equipment 128,000 Depreciation expense $224,000 Income statement: Sales $4,800,000 Cost of goods sold (2,880,000) Gross profit 1,920,000 Operating expenses (1,024,000) Depreciation (224,000) Net income $672,000 Statement of retained earnings: BOY retained earnings $2,520,000 Net income 672,000 Dividends (67,200) Ending retained earnings $3,124,800 Balance sheet: Assets Cash $1,366,080Accounts receivable 1,113,600 Inventory 1,430,400 Property, plant, and equipment (PPE), net 2,645,760 Total assets $6,555,840 Liabilities and stockholders' equity Current liabilities $814,080 +A Long-term liabilities 1,896,960 Common stock 320,000 APIC 400,000 Retained earnings 3,124,800 Total liabilities and equity $6,555,840b. Compute the remeasurement gain or loss directly assuming BOY net monetary assets of AUD (821,760), a net monetary liability. Round all answers to the nearest dollar. Change in net monetary assets: 0 m Chg net monetary assets x (EOY Avg exchange rate) 0 0