Their functional currency is the Kona, which is the local currency of their utopian community. The company started on 1/1/18 by issuing common stock. The following events occurred in 2018: The copyright was purchased on 2/2/18 -The Building was bought on 4/1/18, and the company took out a loan on 4/1/18 in order to help pay for the building. -The equipment was bought on 7/20/18. -Dividends were declared on 11/1/18. -Purchases of inventory in 2018 were 4,800,000 kona, and ending inventory only consisted of inventory purchased in the 4" quarter. Beginning inventory for the year was 300,000 kona The following exchange rates occurred in 2018. Date Rate 1/1/18 $0.90 2/2/18 $0.88 4/1/18 $0.87 7/20/18 $0.85 11/1/18 $0.91 12/31/18 $0.95 Average for 2018 $0.93 Q1 Average $0.90 Che following exchange rates occurred in 2018. Date Rate 1/1/18 $0.90 2/2/18 $0.88 4/1/18 $0.87 7/20/18 $0.85 11/1/18 $0.91 12/31/18 $0.95 Average for 2018 $0.93 Q1 Average $0.90 Q2 Average $0.96 Q3 Average $0.89 Q4 Average $0.97 Translate the financial statements below for McConnel Enterprises and answer the questions below. You must show your work on the FS as well as answer the questions because points are allocated to the FS and the questions! They used the kona throughout the year: however, their functional currency is the USD. The company started on 1/1/19 by issuing common stock. The following events occurred in 2019: - Land was purchased on 3/30/19. Dividends were declared on 4/1/19. -Vehicles were bought on 8/10/19. Purchases of inventory in 2019 were 1,700,000 kona, and ending inventory only consisted of inventory purchased in the 4 quarter. Beginning inventory for the year was 100,000 kona. The following exchange rates occurred in 2019. Date Rate 1/1/19 $1.20 3/30/19 $1.28 4/1/19 $1.18 8/10/19 $1.23 12/31/19 $1.30 Average for 2019 $1.26 04 Date Rate 1/1/19 $1.20 3/30/19 $1.28 4/1/19 $1.18 8/10/19 $1.23 12/31/19 $1.30 Average for 2019 $1.26 Q1 Average $1.24 Q2 Average $1.22 Q3 Average $1.28 Q4 Average $1.31 Is this a remeasurement gain/loss or a translation adjustment? Remeasurement_gain How much is the remeasurement gain/loss or translation adjustment? 3245 IS Which ES (BS or IS) is the remeasurement gain/loss or trans. adj. located? Their functional currency is the Kona, which is the local currency of their utopian community. The company started on 1/1/18 by issuing common stock. The following events occurred in 2018: The copyright was purchased on 2/2/18 -The Building was bought on 4/1/18, and the company took out a loan on 4/1/18 in order to help pay for the building. -The equipment was bought on 7/20/18. -Dividends were declared on 11/1/18. -Purchases of inventory in 2018 were 4,800,000 kona, and ending inventory only consisted of inventory purchased in the 4" quarter. Beginning inventory for the year was 300,000 kona The following exchange rates occurred in 2018. Date Rate 1/1/18 $0.90 2/2/18 $0.88 4/1/18 $0.87 7/20/18 $0.85 11/1/18 $0.91 12/31/18 $0.95 Average for 2018 $0.93 Q1 Average $0.90 Che following exchange rates occurred in 2018. Date Rate 1/1/18 $0.90 2/2/18 $0.88 4/1/18 $0.87 7/20/18 $0.85 11/1/18 $0.91 12/31/18 $0.95 Average for 2018 $0.93 Q1 Average $0.90 Q2 Average $0.96 Q3 Average $0.89 Q4 Average $0.97 Translate the financial statements below for McConnel Enterprises and answer the questions below. You must show your work on the FS as well as answer the questions because points are allocated to the FS and the questions! They used the kona throughout the year: however, their functional currency is the USD. The company started on 1/1/19 by issuing common stock. The following events occurred in 2019: - Land was purchased on 3/30/19. Dividends were declared on 4/1/19. -Vehicles were bought on 8/10/19. Purchases of inventory in 2019 were 1,700,000 kona, and ending inventory only consisted of inventory purchased in the 4 quarter. Beginning inventory for the year was 100,000 kona. The following exchange rates occurred in 2019. Date Rate 1/1/19 $1.20 3/30/19 $1.28 4/1/19 $1.18 8/10/19 $1.23 12/31/19 $1.30 Average for 2019 $1.26 04 Date Rate 1/1/19 $1.20 3/30/19 $1.28 4/1/19 $1.18 8/10/19 $1.23 12/31/19 $1.30 Average for 2019 $1.26 Q1 Average $1.24 Q2 Average $1.22 Q3 Average $1.28 Q4 Average $1.31 Is this a remeasurement gain/loss or a translation adjustment? Remeasurement_gain How much is the remeasurement gain/loss or translation adjustment? 3245 IS Which ES (BS or IS) is the remeasurement gain/loss or trans. adj. located
