Select Editing Sharest Adobe PDF Signutes Adobe Acrobat 5 Paragraph Styles 3. The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts are denominated in kroner (Kr). January 1, 2020 (22,000) 47,000 (38,000) December 31, 2020 (26,500) 97,000 (43,000) 0 Accounts payable Accounts receivable Accumulated depreciation- buildings Accumulated depreciation- equipment Bonds payable-due 2023 Buildings Cash Common stock Depreciation expense Dividends (10/1/20) Equipment Gain on sale of building Rent expense Retained earnings (57,000) 127,000 53,000 (62,000) (6,800) (57,000) 101,500 9,800 (75,000) 33,000 50,000 49,000 (7, 800) 18.300 (48,000) 0 GOOGBO 0 148,000) I 64 o o O arch Editing Adobe Acroba Salary expense Sales Utilities expense OOO 38,000 (140,000) 8,500 Additional Information e Agee issued additional shares of common stock during the year on April 1, 2020. Common stock at January 1, 2020, was sold at the start of operations in 2013 Agee purchased buildings in 2014 and sold one building with a book value of Kr 4,300 on July 1 of the current year. Equipment was acquired on April 1, 2020. Relevant exchange rates for 1 Kr were as follows: 2013 $2.55 2014 2.35 January 1, 2020 2.65 April 1, 2020 2.75 July 1, 2020 2.95 October 1, 2020 3.05 December 31, 2020 3.15 Average for 2020 2.85 DI rou o ech a. Assuming the U.S. dollar is the functional currency, what is the remeasurement gain or loss for 2020? The December 31, 2019, U.S. dollar- translated balance sheet reported retained earnings of $106,700, which included a remeasurement loss of $13,100. b. Assuming the foreign currency is the functional currency, what is the translation adjustment for 2020? The December 31, 2019, U.S. dollar- translated balance sheet reported retained earnings of $117,500 and a cumulative translation adjustment of $15.900 (credit balance). (For all requirements, input all answers as positive.) I Focus 64F 0 1