On December 31, 20X2, your companys Mexican subsidiary sold land at a selling price of 3,020,000 pesos. The land had been purchased for 2,110,000 pesos on January 1, 20X1, when the exchange rate was 10 pesos to 1 U.S. dollar. The exchange rate for 1 U.S. dollar was 11 pesos on December 31, 20X1, and 12 pesos on December 31, 20X2. Assume that the subsidiary had no other assets and no liabilities during the two years that it owned the land. Required: a. Prepare all entries regarding the purchase and sale of the land that would be made on the books of the Mexican subsidiary whose recording currency is the Mexican peso. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

b. Determine the amount of the gain or loss on the transaction that would be reported on the subsidiarys remeasured income statement in U.S. dollars, assuming the U.S. dollar is the functional currency. Determine the amount of the remeasurement gain or loss that would be reported on the remeasured income statement in U.S. dollars. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.)

c. Determine the amount of the gain or loss on the transaction that would be reported on the subsidiarys translated income statement in U.S. dollars, assuming the Mexican peso is the functional currency. Determine the amount of the other comprehensive income that would be reported on the consolidated statement of other comprehensive income for 20X2. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.)

View transaction list View journal entry worksheet No Event General Journal Debit Credit 1 1 Land 2,110,000 Cash 2,110,000 2 2 Cash 3,020,000 Land 2,110,000 910,000 Gain on sale of land Answer is not complete. Gain Amount of transaction Amount of remeasurement Loss Answer is not complete. Gain Amount of transaction Amount of remeasurement Loss