Plane Corporation, a U S, company, owns 100 of Shipp Corporation, a Libyan company Shipp's equipment was acquired on the following dates (amounts are stated in Libyan dinars) Jan 01, 2014 Purchased equipment for 40,000 dinars Jul, 01, 2014 Purchased equipment for 80,000 dinars Jan 01, 2015 Purchased equipment for 50,000 dinars Jul 01 2015 Sold equipment purchased on Jan 01, 2014 for 35,000 dinars Exchange rates for the Libyan dinars on various dates are Jan 01, 2014 Jut 01, 2014 Dec 31, 2014 2014 avg, rate I dinar e S 500 I dinar S 520 I dinar S 530 I dinar S 515 Jan 01, 2015 Jul 01 2015 Dec 31, 2015 2015 avg rate I dinar S 530 I dinar S 505 I dinar S 490 I dinar S 510 Shipp's equipment has an estimated S year life with no salvage value and is depreciated using the straight line method, calculating depreciation expense on a monthly basis Shipp's functional currency is the U S dollar, but the company uses the Libyan dinar as its reporting currency Required Determine the value of Shipp's equipment account on December 31, 2015 in U S dollars (10 point) Determine Shipp's depreciation expense for 2015 in U S dollars (20 point) Determine the gain or loss from the sale of equipment on July 1, 2015 in U S dollars (20 point) Question 2 Plane Corporation, a U S, company, owns 100 of Shipp Corporation, a Libyan company, Shipp's equipment was acquired on the following dates (amounts are stated in Libyan dinars) Jan 01, 2014 Purchased equipment for 40,000 dinars Jul 01,2014 Purchased equipment for 80,000 dinars Jan, 01,2015 Purchased equipment for $0,000 dinars Jul 01, 2015 Sold equipment purchased on Jan 01, 2014 for 35,000 dinars Exchange rates for the Libyan dinars on various dates are Shipp's equipment has an estimated 5 yea life with so salvage value and is depreciated using the straight line method, calculating depreciation expense on a monthly basis Shipp's functional currency is the U S dollar, but the company uses the Libyan dinar as its reporting currency IRedirired 1 Determane the value of Shipp's equipnctt aceeunt on December 31 2015 in U S dollark (10 point) 2 Deiermine Shipp's depreciation expense for 2015 in U S dollars (20 point) 3 Determune the gain of loss from the sale of equipment on July 1,2015 in U S Jollars (20 point)

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Plane Corporation, a U.S, company, owns 100% of Shipp Corporation, a Libyan company. Shipp's equipment was acquired on the following dates (amounts are stated in

Plane Corporation, a U.S, company, owns 100% of Shipp Corporation, a Libyan company. Shipp's equipment was acquired on the following dates (amounts are stated in Libyan dinars):

Jan. 01, 2014 Purchased equipment for 40,000 dinars

Jul, 01, 2014 Purchased equipment for 80,000 dinars

Jan. 01, 2015 Purchased equipment for 50,000 dinars

Jul. 01. 2015 Sold equipment purchased on Jan. 01, 2014 for 35,000 dinars

Exchange rates for the Libyan dinars on various dates are:

Jan. 01, 2014

Jut. 01, 2014

Dec. 31, 2014

2014 avg, rate

I dinar e S.500

I dinar = S.520

I dinar = S.530

I dinar = S.515

Jan. 01, 2015

Jul. 01. 2015

Dec. 31, 2015

2015 avg. rate

I dinar = S.530

I dinar = S.505

I dinar S.490

I dinar = S.510

Shipp's equipment has an estimated S-year life with no salvage value and is depreciated using the straight-line method, calculating depreciation expense on a monthly basis. Shipp's functional currency is the U.S. dollar, but the company uses the Libyan dinar as its reporting currency Required:

Determine the value of Shipp's equipment account on December 31, 2015 in U.S. dollars. (10 point)
Determine Shipp's depreciation expense for 2015 in U.S dollars. (20 point)
Determine the gain or loss from the sale of equipment on July 1, 2015 in U.S. dollars. (20 point)

Question 2 - Plane Corporation, a U.S, company, owns 100% of Shipp Corporation, a Libyan company, Shipp's equipment was acquired on the following dates (amounts are stated in Libyan dinars) Jan. 01, 2014 Purchased equipment for 40,000 dinars Jul. 01,2014 Purchased equipment for 80,000 dinars Jan, 01,2015 Purchased equipment for $0,000 dinars Jul. 01, 2015 Sold equipment purchased on Jan. 01, 2014 for 35,000 dinars Exchange rates for the Libyan dinars on various dates are: Shipp's equipment has an estimated 5 -yea life with so salvage value and is depreciated using the straight-line method, calculating depreciation expense on a monthly basis. Shipp's functional currency is the U.S. dollar, but the company uses the Libyan dinar as its reporting currency. IRedirired: 1. Determane the value of Shipp's equipnctt aceeunt on December 31.2015 in U.S. dollark. (10 point) 2. Deiermine Shipp's depreciation expense for 2015 in U.S. dollars. (20 point) 3. Determune the gain of loss from the sale of equipment on July 1,2015 in U.S. Jollars. (20 point)