The Witsoninc; a Turks and Caicos based company, acquired an 80% equity interest in a Jamaican Company Inghram Corp on Jahuary 1, 2005. The cost of the investment was equal to the book value of the Interest acquired. Wilson Inc. accounted for the transaction as a purchase. The following set of financlal statements was provided by the Jamaican subsidiary. Inghram Corp was incorporated on January 1, 1999 when all the plant and equipment were acquired. The long-term notes were issued to partly finance the purchase of the fixed assets. Direct exchanne ratae fan rot The beginning inventory was acquired during the period October - December 2011 and the ending inventory was acquired during the period November - December 2012, Revenues and expenses were evenly incurred during the year. Required: a) Translate the December 31,2012 account balances of Inghram Corp in EC dollars using the temporal method. [ 20 marks] b) Explain why the functional currency should be remeasured rather than translated. 5 marks] The Witsoninc; a Turks and Caicos based company, acquired an 80% equity interest in a Jamaican Company Inghram Corp on Jahuary 1, 2005. The cost of the investment was equal to the book value of the Interest acquired. Wilson Inc. accounted for the transaction as a purchase. The following set of financlal statements was provided by the Jamaican subsidiary. Inghram Corp was incorporated on January 1, 1999 when all the plant and equipment were acquired. The long-term notes were issued to partly finance the purchase of the fixed assets. Direct exchanne ratae fan rot The beginning inventory was acquired during the period October - December 2011 and the ending inventory was acquired during the period November - December 2012, Revenues and expenses were evenly incurred during the year. Required: a) Translate the December 31,2012 account balances of Inghram Corp in EC dollars using the temporal method. [ 20 marks] b) Explain why the functional currency should be remeasured rather than translated. 5 marks]