Looking for the answer to P7.3

P7.3 Existing Subsidiary-Translation Refer to the information in problem P7.2, and assume Super- Valu's functional currency is the krona. Required Translate SuperValu's 2016 ending trial balance into U.S. dollars. Include a schedule calculating the 2016 translation gain or loss, appearing in other comprehensive income for 2016. acquired Siun Valu, on January 1,2016. SuperValu is a Swedish company that has been in existence for several and whose functional currency is the U.S. dollar. Comparative account balances for January I and cember 31,2016, appear below, measured in krona (kr), the Swedish currency P7:2 Existing Subsidi ary-Remeasurement Pennymarkets Corporation, a U.S. firm, Dr (Cr) January 1 December 31 Account Balances kr 175,000 400,000 2,320,000 (535,000) (800,000) (400,000) (1,160,000) kr 240,000 360,000 2,000,000 200,000) (600,000) (400,000) (1,160,000) (1,200,000) 320,000 640,000 Notes payable . . . Sales. kr 0 kr Exchange rates in 2016 were: Date S/kr $0.13 0.14 Required Remeasure SuperValu's 2016 ending trial balance into U.S. dollars. Include a schedule calculating the 2016 remeasurement gain or loss, appearing in 2016 income. Existing Subsidiary-Translation Refer to the information in problem P7.2, and assume Super- Valu's functional currency is the krona. Required Translate Super Valu's 2016 ending trial balance into U.S. dollars. Include a schedule calculating the 2016 translation gain or loss, appearing in other comprehensive income for 2016 7.3