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 Acquisition of plant assets for debt, February 15, 2017 E840 1,200 Purchase of inventory made evenly during 2017 Collection of receivables outstanding at January 1, 2017 4,200 3,240 Sales made evenly during 2017 7,200 Cost of goods sold 3.960 Depreciation of assets acquired when the exchange rate was $1.80/E 480 Current operating expenses (excluding depreciation and amortization) incurred evenly during 2017 1.440 Refinancing or "rollover of commercial paper 960 Exchange rates ($/E) during 2017 are: January 1, 2017 February 15, 2017 $2.28 Average for 2017 2.34 December 31, 2017 $2.36 2.41