Translation and Remeasurement Gains and Losses Massmart Holdings Ltd. is a South African subsidiary of Wal-Mart Inc., selling high volume, low margin branded consumer goods to customers in twelve countries in Africa. Massmart's accounts are reported in South African rands (R).Assume that the following data relate to Massmart's activities for 2017 (in millions). Net monetary liabilities, beginning of year R(15,000) Net assets, beginning of year 5, 400 Transactions during 2017: Sales. 72,000 Inventory purchases 59,000 Depreciation and amortization 1,000 Cost of sales 61,000 Cash operating expenses 9, 500 Dividends declared and paid 100 New long-term interest borrowings 300 Sales, inventory purchases, and cash operating expenses were reported evenly throughout the year Exchange rates are as follows ($/R): Beginning of 2017 $0.085 Average for 2017 0.090 End of 2017 0.095 Rate when assets related to depreciation and amortization were acquired 0.070 Rate when dividends declared 0.094 Rate when long-term interest borrowings occurred 0.088 Required a. Prepare a schedule to compute Massmart's 2017 remeasurement gain or loss, assuming Massmart's functional currency is the US. dollar. b. Prepare a schedule to compute Massmart's 2017 translation gain or loss, assuming Massmart's functional currency is the South African rand