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	420
Acquisition of plant assets for debt, February 15, 2017	600
Purchase of inventory made evenly during 2017	2,100
Collection of receivables outstanding at January 1, 2017	1,620
Sales made evenly during 2017	3,600
Cost of goods sold	1,980
Depreciation of assets acquired when the exchange rate was $1.80/	240
Current operating expenses (excluding depreciation and amortization),incurred evenly during 2017	720
Refinancing or "rollover" of commercial paper	480

Exchange rates ($/) during 2017 are:

January 1, 2017	$1.14	Average for 2017	$1.18
February 15, 2017	1.17	December 31, 2017	1.20

(a) Assuming Asda's functional currency is the U.S. dollar, prepare a schedule to compute the remeasurement gain or loss for 2017

Instructions:

1. Use negative signs with answers to indicate a negative exposed position balance.
2. Use negative signs with answers to indicate an amount that reduces the exposed position balance.
3. Using the drop-down menu, select the appropriate answer to indicate a remeasurement gain or remeasurement loss.
4. Do not use a negative sign with your remeasurement gain or remeasurement loss answer.
5. Enter answers using all decimal places, if applicable (do not round answers).

(in millions)	Amount ()	$/	Amount ($)
Exposed position, 1/1/17	Answer	Answer	Answer
Acquisition of plant assets for debt	Answer	Answer	Answer
Purchase of inventory	Answer	Answer	Answer
Sales	Answer	Answer	Answer
Operating expenses	Answer	Answer	Answer
			Answer
Exposed position, 12/31/17	Answer	Answer	Answer
AnswerRemeasurement gainRemeasurement loss			Answer

(b) Assuming Asda's functional currency is the pound, prepare a schedule to compute the translation gain or loss for 2017. Assume net assets on January 1, 2017, amounted to 1,200 million.

Instructions:

1. Use negative signs with answers to indicate a negative exposed position balance.
2. Use negative signs with answers to indicate an amount that reduces the exposed position balance.
3. Using the drop-down menu, select the appropriate answer to indicate a translation gain or translation loss.
4. Do not use a negative sign with your translation gain or translation loss answer.
5. Enter answers using all decimal places, if applicable (do not round answers).

(in millions)	Amount ()	$/	Amount ($)
Exposed position, 1/1/17	Answer	Answer	Answer
Net income	Answer	Answer	Answer
			Answer
Exposed position, 12/31/17	Answer	Answer	Answer
AnswerTranslation gainTranslation loss			Answer

Please answer all parts of the question.