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Please assist on how to work the following questions, TIA. A...Remeasure SuperValu's 2022 ending trial balance into US dollars. Include a schedule calculating the 2022
Please assist on how to work the following questions, TIA.
A...Remeasure SuperValu's 2022 ending trial balance into US dollars. Include a schedule calculating the 2022 reameasurement gain or loss, appearing in 2022 income.
P7.2 Existing Subsidiary-Remeasurement PennymarketsCorporation,aU.S. firm, acquired Super Valu, on January 1, 2022. SuperValu is a Swedish company that has been in existence for several years, and whose functional currency is the U.S. dollar. Comparative account balances for January 1 and December 31, 2022, appear below, measured in krona (kr), the Swedish currency. Dr (Cr) Account Balances December 31 January 1 Cash. . kr 240,000 kr 175,000 Accounts receivable, net. 360,000 400,000 Plant and equipment, net . 2,000,000 2,320,000 Accounts payable . . . (200,000) (535,000) Notes payable. .. (600,000) (800,000) Capital stock. . . . . . (400,000) (400,000) Retained earnings, January 1. (1,160,000) (1,160,000) Sales. . (1,200,000) Depreciation expense. 320,000 Other expenses 640,000 Totals KT Kr Exchange rates in 2022 were: Date $/kr January 1, 2022 . . $0.13 Average for 2022 . . 0.14 December 31, 2022 0.16 Required Remeasure SuperValu's 2022 ending trial balance into U.S. dollars. Include a schedule calculating the 2022 remeasurement gain or loss, appearing in 2022 incomeStep by Step Solution
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