Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion 2 Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2020 with three assets: cash of 23,000 dinars, accounts receivable of 81,000 dinars, and land that cost 210,000 dinars when acquired on April 1, 2019. On January 1, 2020, Zugar has a 160,000 dinar note payable, and no other liabilities. On May 1, 2020, Zugar renders services to a customer for 130,000 dinars, which was immediately paid in cash. On June 1, 2020, Zugar incurred a 110,000 dinar operating expense, which was immediately paid in cash. No other transactions occurred during the year. Currency exchange rates for 1 dinar follow. 7 points April 1, 2019 January 1, 2020 May 1, 2020 June 1, 2020 December 31, 2020 $0.43 - 1 dinar 0.46 - 1 0.47 - 1 0.49 - 1 0.51 - 1 a. Assume that Zugar is a foreign subsidiary of a U.S. multinational company that uses the U.S. dollar as its reporting currency. Assume also that the dinar is the subsidiary's functional currency. What is the translation adjustment for this subsidiary for the year 2020? b. Assume that Zugar is a foreign subsidiary of a U.S. multinational company that uses the U.S. dollar as its reporting currency. Assume also that the U.S. dollar is the subsidiary's functional currency. What is the remeasurement gain or loss for 2020? C. Assume that Zugar is a foreign subsidiary of a U.S. multinational company. On the December 31, 2020, balance sheet, what is the translated value of the Land account? On the December 31, 2020, balance sheet, what is the remeasured value of the Land account? (Input all amounts as positive.) Answer is complete but not entirely correct. M Graw HIHI RA A OS ctv w 2. Vur 1, ZUZU U. - 1 7 points a. Assume that Zugar is a foreign subsidiary of a U.S. multinational company that uses the U.S. dollar as its also that the dinar is the subsidiary's functional currency. What is the translation adjustment for this subsic b. Assume that Zugar is a foreign subsidiary of a U.S. multinational company that uses the U.S. dollar as its re also that the U.S. dollar is the subsidiary's functional currency. What is the remeasurement gain or loss for c. Assume that Zugar is a foreign subsidiary of a U.S. multinational company. On the December 31, 2020, bal translated value of the Land account? On the December 31, 2020, balance sheet, what is the remeasured account? (Input all amounts as positive.) Answer is complete but not entirely correct. a. Positive translation adjustment $ 11,000 b. $ 0 X Remeasurement gain Translated value of land Remeasured value of land $ 107,100 90,300 $ IMC Graw HI 37,283 Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion 2 Zugar Company is domiciled in a country whose currency is the dinar. Zugar begins 2020 with three assets: cash of 23,000 dinars, accounts receivable of 81,000 dinars, and land that cost 210,000 dinars when acquired on April 1, 2019. On January 1, 2020, Zugar has a 160,000 dinar note payable, and no other liabilities. On May 1, 2020, Zugar renders services to a customer for 130,000 dinars, which was immediately paid in cash. On June 1, 2020, Zugar incurred a 110,000 dinar operating expense, which was immediately paid in cash. No other transactions occurred during the year. Currency exchange rates for 1 dinar follow. 7 points April 1, 2019 January 1, 2020 May 1, 2020 June 1, 2020 December 31, 2020 $0.43 - 1 dinar 0.46 - 1 0.47 - 1 0.49 - 1 0.51 - 1 a. Assume that Zugar is a foreign subsidiary of a U.S. multinational company that uses the U.S. dollar as its reporting currency. Assume also that the dinar is the subsidiary's functional currency. What is the translation adjustment for this subsidiary for the year 2020? b. Assume that Zugar is a foreign subsidiary of a U.S. multinational company that uses the U.S. dollar as its reporting currency. Assume also that the U.S. dollar is the subsidiary's functional currency. What is the remeasurement gain or loss for 2020? C. Assume that Zugar is a foreign subsidiary of a U.S. multinational company. On the December 31, 2020, balance sheet, what is the translated value of the Land account? On the December 31, 2020, balance sheet, what is the remeasured value of the Land account? (Input all amounts as positive.) Answer is complete but not entirely correct. M Graw HIHI RA A OS ctv w 2. Vur 1, ZUZU U. - 1 7 points a. Assume that Zugar is a foreign subsidiary of a U.S. multinational company that uses the U.S. dollar as its also that the dinar is the subsidiary's functional currency. What is the translation adjustment for this subsic b. Assume that Zugar is a foreign subsidiary of a U.S. multinational company that uses the U.S. dollar as its re also that the U.S. dollar is the subsidiary's functional currency. What is the remeasurement gain or loss for c. Assume that Zugar is a foreign subsidiary of a U.S. multinational company. On the December 31, 2020, bal translated value of the Land account? On the December 31, 2020, balance sheet, what is the remeasured account? (Input all amounts as positive.) Answer is complete but not entirely correct. a. Positive translation adjustment $ 11,000 b. $ 0 X Remeasurement gain Translated value of land Remeasured value of land $ 107,100 90,300 $ IMC Graw HI 37,283
