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Gain or Loss on the Sale of an Asset. Peleton Ltd is a French subsidiary of Velociped Inc. Some selected account balances from the Trial
Gain or Loss on the Sale of an Asset. Peleton Ltd is a French subsidiary of Velociped Inc. Some selected account balances from the Trial Balances of Peleton are as follows (In Euros): January 1, 2019 December 31, 2019 Buildings 125,000 105,000 Accumulated Depreciation (45,000) (50,000) Depreciation Expense 20,000 Gain on Sale of Building (15,000) Peleton purchased buildings in 2014, and sold one building with a book value of 5,000 Euros on October 1 of the current year. Relevant exchange rates for the Euro are as follows: 2014 $1.35 January 1, 2019 $1.25 Average for 2019 $1.22 October 1, 2019 $1.20 December 31, 2019 $1.15 Translate the Gain on the Sale of the Building into US Dollars under both the Current Rate and Temporal Methods. Current Rate: Temporal
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