cancel question

Brighton Corporation (a US company) has a branch located in laaly. The Branch provided the following financial statements in euros ( ) by the end of 2020 : Additional information: 1. The branch started the business in January 1, 2010 with a capital of 50,000. 2. On January 1. 2011 the property and equipment were purehased and also the capital was increased, 3. The dividend was declared and paid in September 1, 2020; the amount was 75,000. 4. Beginning inventory was acquired during Oetober-December 2019 with amount of E50,000. 5. Ending inventory was acquired during November-December 2020 . 6. The January 1,2020 retained eamings balance of the branch in US dollars is $160,000. 7. The functional currency is the euros ( ). 8. The exchange rate for euros against the dollars are: Instructions: 1. Calculate the re-measurement gain (loss) or translation adjustments. ( 6 pts.) 2. Translate the branch's income statement and retained earnings statement only. (4 pts.) Answer Brighton Corporation (a US company) has a branch located in laaly. The Branch provided the following financial statements in euros ( ) by the end of 2020 : Additional information: 1. The branch started the business in January 1, 2010 with a capital of 50,000. 2. On January 1. 2011 the property and equipment were purehased and also the capital was increased, 3. The dividend was declared and paid in September 1, 2020; the amount was 75,000. 4. Beginning inventory was acquired during Oetober-December 2019 with amount of E50,000. 5. Ending inventory was acquired during November-December 2020 . 6. The January 1,2020 retained eamings balance of the branch in US dollars is $160,000. 7. The functional currency is the euros ( ). 8. The exchange rate for euros against the dollars are: Instructions: 1. Calculate the re-measurement gain (loss) or translation adjustments. ( 6 pts.) 2. Translate the branch's income statement and retained earnings statement only. (4 pts.)