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Remeasurement of financial statements Assume that your company owns a subsidiary operating in Great Britain. The subsidiary has adopted the British pound (GBP) as its functional currency. Your parent company operates this subsidiary like a division or a branch office, making all of its operating decisions, including pricing of its products. You conclude, therefore, that the functional currency of this subsidiary is the sus and that its financial statements must be remeasured prior to consolidation. The subsidiary's financial statements (in GBP) for the most recent year follow in part a below. The relevant exchange rates for the sUS value of the British pound (GBP) are as follows: For parts a. and b. below, use a negative sign with answers to indicate a reduction. a. Remeasure the subsidiary's income statement, statement of retained earnings, and balance sheet into sus for the current year (assume that the BoY Retained Earnings is $2,796,893 ). Round all answers in the "In US Dollars" column to the nearest dollar. b. Compute the remeasurement gain or loss directly assuming BOY net monetary as Round all answers to the nearest dollar. Change in net monetary assets: BOY net monetary assets x (EOY - BOY exchange rates) BOY net monetary assets x BOY exchange rate Sales x average exchange rate Purchases x average exchange rate Operating expenses x average exchange rate Dividends x (EOY - Dividend exchange rate) Dividends x dividend exchange rate EOY net monetary assets x EOY exchange rate Chg net monetary assets x (EOY - Avg exchange rate) Remeasurement loss Ending net monetary assets Remeasurement of financial statements Assume that your company owns a subsidiary operating in Great Britain. The subsidiary has adopted the British pound (GBP) as its functional currency. Your parent company operates this subsidiary like a division or a branch office, making all of its operating decisions, including pricing of its products. You conclude, therefore, that the functional currency of this subsidiary is the sus and that its financial statements must be remeasured prior to consolidation. The subsidiary's financial statements (in GBP) for the most recent year follow in part a below. The relevant exchange rates for the sUS value of the British pound (GBP) are as follows: For parts a. and b. below, use a negative sign with answers to indicate a reduction. a. Remeasure the subsidiary's income statement, statement of retained earnings, and balance sheet into sus for the current year (assume that the BoY Retained Earnings is $2,796,893 ). Round all answers in the "In US Dollars" column to the nearest dollar. b. Compute the remeasurement gain or loss directly assuming BOY net monetary as Round all answers to the nearest dollar. Change in net monetary assets: BOY net monetary assets x (EOY - BOY exchange rates) BOY net monetary assets x BOY exchange rate Sales x average exchange rate Purchases x average exchange rate Operating expenses x average exchange rate Dividends x (EOY - Dividend exchange rate) Dividends x dividend exchange rate EOY net monetary assets x EOY exchange rate Chg net monetary assets x (EOY - Avg exchange rate) Remeasurement loss Ending net monetary assets