Check my work The following account balances are for the Agee Company as of January 1, 2017, and December 31, 2017 All amounts are denominated in kroner (Kr. January 1, 2017 December 31, 2017 (22,000) 93,880 (36,000) (6,100) 50,800) 98,8a0 9,180 (83,883) 26,003 43,000 41,800 (7,180) 15,180 (41,880) 31,800 (113,003) 5,000 (14,000) 40,000 (31,ee8) Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Bonds payable-due 2020 Buildings Cash Common stock Depreciation expense Dividends (10/1/17) Equipment Gain on sale of building Rent expense Retained earnings Salary expense Sales Utilities expense (50,800) 128,000 46,080 (70,8a0) (41,080) Additional Information e Agee issued additional shares of common stock during the year on April 1.2017 Common stock at January 1, 2017 was sold at the start of operations in 2010 Agee purchased buildings in 2011 and sold one building with a book value of Kr 17,000 on July 1 of the current year Equipment was acquired on April 1, 2017. Relevant exchange rates for 1 Kr were as follows 2818 2011 January 1, 2817 April 1, 2817 July 1, 2817 October 1, 2017 December 31, 2817 Average for 2817 $ 2.95 2.75 3.05 3.15 3.35 3.45 3.55 3.25 a. Assuming the U.S. dollar is the functional currency, what is the remeasurement gain or loss for 2017? The December 31, 2016, US doller-translated belance sheet reported retained earnings of Si45.200, which included a remeasurement loss of $28,300 b. Assuming the foreign currency is the functional currency, what is the translation adjustment for 2017? The December 31, 2016, US dollar-translated balance sheet reported retained earnings of S162,250, ond a cumulative translation adjustment of $9,650 (credit balance). Prey 2013 Next > pe here to search Check my work The following account balances are for the Agee Company as of January 1, 2017, and December 31, 2017 All amounts are denominated in kroner (Kr. January 1, 2017 December 31, 2017 (22,000) 93,880 (36,000) (6,100) 50,800) 98,8a0 9,180 (83,883) 26,003 43,000 41,800 (7,180) 15,180 (41,880) 31,800 (113,003) 5,000 (14,000) 40,000 (31,ee8) Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Bonds payable-due 2020 Buildings Cash Common stock Depreciation expense Dividends (10/1/17) Equipment Gain on sale of building Rent expense Retained earnings Salary expense Sales Utilities expense (50,800) 128,000 46,080 (70,8a0) (41,080) Additional Information e Agee issued additional shares of common stock during the year on April 1.2017 Common stock at January 1, 2017 was sold at the start of operations in 2010 Agee purchased buildings in 2011 and sold one building with a book value of Kr 17,000 on July 1 of the current year Equipment was acquired on April 1, 2017. Relevant exchange rates for 1 Kr were as follows 2818 2011 January 1, 2817 April 1, 2817 July 1, 2817 October 1, 2017 December 31, 2817 Average for 2817 $ 2.95 2.75 3.05 3.15 3.35 3.45 3.55 3.25 a. Assuming the U.S. dollar is the functional currency, what is the remeasurement gain or loss for 2017? The December 31, 2016, US doller-translated belance sheet reported retained earnings of Si45.200, which included a remeasurement loss of $28,300 b. Assuming the foreign currency is the functional currency, what is the translation adjustment for 2017? The December 31, 2016, US dollar-translated balance sheet reported retained earnings of S162,250, ond a cumulative translation adjustment of $9,650 (credit balance). Prey 2013 Next > pe here to search