Prepare Foreign Currency Trial Balance and Translate into USD

Given data

Kangaroo Limited Equity Account Balances

December $31,2023$ AUD USD

Common stock $30,000,00021,300,000$

Retained earnings $8,000,0005,760,000$

Cumulative translation adjustment $($debit balance$)842,400$

Kangaroo Limited Trial Balance

December $31,2024$ AUD Debit AUD Credit

Cash $6,400,000$

Accounts receivable $14,000,000$

Inventory $32,000,000$

Land $9,000,000$

Machinery and equipment $30,000,000$

Accumulated depreciation $6,000,000$

Accounts payable $4,000,000$

Notes payable $40,000,000$

Common xtock $30,000,000$ given

Retained earnings, $1/1/248,000,000$ given

Sales $180,000,000$

Cost of goods sold $160,000,000$

Depreciation expense $3,000,000$

Rent expense $4,000,000$

Interest expense $1,600,000$

Dividends, $7/1/248,000,000$

Total $268,000,000268,000,000$

Papua New Guinean Sales Office Trial Balance

December $31,2024$ PGK Debit PGK Credit

Cash $12,000,000$

Accounts receivable $20,000,000$

Notes payable $20,000,000$

Sales $30,000,000$

Rent expense $16,000,000$

Interest expense $2,000,000$

Total $50,000,00050,000,000$

Exchange Rates AUD$/$PGK USD$/$AUD

January $1,20240\mathrm{.}4000\mathrm{.}690$

Average, $20240\mathrm{.}3850\mathrm{.}720$

July $1,20240\mathrm{.}3800\mathrm{.}725$

December $31,20240\mathrm{.}3750\mathrm{.}740$

Required:

a$-1.$ Prepare the remeasurement of Papua New Guinean sales office PGK balances into AUD for December $31,2024.$

a$-2.$ Show the calculation of remeasurement loss, $2024.$

b$-1.$ Prepare the translation of Kangaroo Limited AUD balances into USD for December $31,2024.$

b$-2.$ Show the calculation of cumulative translation adjustment for December $31,2024.$