QUESTION 1 Not complete Points out of 55.00 Flag question Translation and Remeasurement Gain and Loss Asda is a British supermarket chain owned by Wal-Mart Stores, Inc. Assume that the following data relate to Asda's activities for 2017 (in millions). Net assets (liabilities) reported at fair value, January 1, 2017 Acquisition of plant assets for debt, February 15, 2017 Purchase of inventory made evenly during 2017 Collection of receivables outstanding at January 1, 2017 Sales made evenly during 2017 Cost of goods sold Depreciation of assets acquired when the exchange rate was $1.80VE Current operating expenses (excluding depreciation and amortization), incurred evenly during 2017 Refinancing or "rollover" of commercial paper 1,120 1,600 5,600 4.320 9,600 5,280 640 1,920 1,280 Exchange rates (S/E) during 2017 are: January 1, 2017 3.04 Average for 2017 $3.17 February 15, 2017 3.12 December 31, 2017 3.21 (a) Assuming Asda's functional currency is the U.S. dollar, prepare a schedule to compute the remeasurement gain or loss for 2017 HINT: Not every fill-in box requires an answer. If an account is not used in the calculation, leave all corresponding fill-in answer boxes BLANK Enter all decimal places. Use negative signs with answers that are reductions and to indicate a remeasurement loss. (in millions) Amount (E) S/E Amount (S) Exposed position, 1/1/17 Acquisition of plant assets for debt Purchase of inventory Collection of receivables Sales Cost of goods sold Refinancing of commercial paper