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PROBLEM 5 Translated/Remeasured Trial Balances On January 1, 2019, the U.K. subsidiary of U.S. Inter- national Corporation had the following condensed balance sheet, in pounds sterling (in millions): Assets Liabilities and equity Cash and receivables. . . . . . . $2,000 Accounts payable. $2,100 Inventory (FIFO) . . . 2,200 Long-term debt . 1,200 Plant assets . . . . 1,600 Equity . . .. 2,100 Accumulated depreciation . . . . (400) Total assets . . . $5,400 Total liabilities and equity . . . .. E5,400 The exchange rate on January 1, 2019 was $1.20/f. Inventory at January 1 was purchased when the ex- change rate was $1.18/f. Plant assets at January 1 were acquired when the exchange rate was $1.80/f. Plant assets costing $200 million were purchased when the exchange rate was $1.22/f. Depreciation of $50 was taken on these plant assets in 2019. At the end of 2019, the subsidiary reported the following trial balance: (in millions) Dr (Cr) Cash and receivables. . . . . $2,660 Inventory (FIFO) . . . . . 2,500 Plant assets . . 1,800 Accumulated depreciation .. (560 Accounts payable. . (2,200) Long-term debt . . . (1,100) Equity, January 1 . . (2,100) Sales. . . . . (4,000) Cost of goods sold. . . . 2,000 Depreciation expense. . . 160 Other operating expenses . .. 840 Total . .. The ending inventory was purchased when the exchange rate was $1.28/f. Sales and other operating expenses occurred evenly over the year. At year-end, the exchange rate was $1.30/f; the average for the year was $1.25/f. Required a. Prepare the remeasured December 31, 2019 trial balance of the U.K. subsidiary, assuming the U.S. dollar is the functional currency of the subsidiary. Assume the remeasured balance of equity on Janu- ary 1, 2019 was $3,196 million. Prepare a schedule to calculate the remeasurement gain or loss for 2019. b. Repeat part a, assuming the pound is the functional currency of the subsidiary. Assume the translated balance of equity on January 1, 2019, is $2,520 million. Prepare a schedule to calculate the transla- tion gain or loss for 2019