With accumulated depreciation of 75,000 pesos for 140,000 pesos on March 1, 2009. The equipment was purchased

Question:

With accumulated depreciation of 75,000 pesos for 140,000 pesos on March 1, 2009. The equipment was purchased on January 1, 2008, when the exchange rate for the peso was $.11. Relevant exchange rates for the peso are as follows:

The financial statements for Perez are re-measured by its U.S. parent. What amount of gain or loss would be reported in its translated income statement?

D. $1,090

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...