Remeasurement of financial statements Assume that your company owns a subsidiary operating in Canada. The subsidiary has adopted the Canadian Dollar (CAD) 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 $US and that its financial statements must be remeasured using the temporal method prior to consolidation. The subsidiary's financial statements (in CAD) for the most recent year follow in part a. below: The relevant exchange rates for the $US value of the Canadian Dollar (CAD) are as follows: BOY rate EOY rate Avg. rate $0.95 $1.05 $0.98 $1.04 Dividend rate Historical rates: Beginning inventory $0.95 Land $0.70 Building $0.72 Equipment $0.73 Historical rate (common stock and APIC) $0.50 For parts a. and b. below, use a negative sign with answers to indicate a reduction. a. Remeasure th

Remeasurement of finantial statements The relevint exchange rates for the SUS value of the Canadian Dollar (CAD) are as follom: For parts a and b. below, use a negative sikn wht anwers to indicate a reduction. 35,750,753 a. Remeasure the subsidary's income statemenc stasement of retained earnings and bulance sheet into sus using the temporai method for the current year cassume that the eor Retained Eamings is 15.750 .775 . Hound all answers in the in us Dollars" column to the nearest dollar. b. A Compute the remeasurement gain or loss directly assuming BOY net monetary assets of (2,311,200), a net monetary liability. Round all answers to the nearest dollar