Question
Micro Co. began 2019 with the following partial Balance Sheet: Assets Liabilities Cash = 120,000 euros N/P = 150,000 euros A/R = 80,000 euros Land
Micro Co. began 2019 with the following partial Balance Sheet:
| Assets | Liabilities |
| Cash = 120,000 euros | N/P = 150,000 euros |
| A/R = 80,000 euros | |
Land (acquired April 1, 2018)= 200,000 euros |
On May 1, 2019, Micro rendered services to a customer for 120,000 euros, which was immediately paid in cash (euros). On June 1, 2019, Micro incurred a 100,000 euro operating expense, immediately paid in cash (euros). Exchange rates follow:
| April 1, 2018 | Jan. 1, 2019 | May 1, 2019 | June 1, 2019 | Dec. 31, 2019 |
| $0.33 = 1 euro | $0.36 = 1 euro | $0.37 = 1 euro | $0.39 = 1 euro | $0.41 = 1 euro |
What is the remeasurement gain or loss for 2019?
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The re measurement gain or loss for 2019 is 9000 euros The re measuremen...
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Intermediate Accounting
Authors: Earl K. Stice, James D. Stice
19th edition
1133957919, 978-1285632988, 1285632982, 978-0357691229, 978-1133957911
