REFERENCE: Ref.10_13
Boerkian Co.started 2008 with two assets: cash of §26,000 (stickles)and land that originally cost §72,000 when acquired on April 4,2004.On May 1,2008,the company rendered services to a customer for §36,000,an amount immediately paid in cash.On October 1,2008,the company incurred an operating expense of §22,000 that was immediately paid.No other transactions occurred during the year.Currency exchange rates were as follows:
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-Assume (1)that Boerkian was a foreign subsidiary of a U.S.multinational company that used the U.S.dollar as its reporting currency and (2)that the U.S.dollar was the functional currency of the subsidiary.What was the remeasurement gain or loss for 2008?

Question

REFERENCE: Ref.10_13
Boerkian Co.started 2008 with two assets: cash of §26,000 (stickles)and land that originally cost §72,000 when acquired on April 4,2004.On May 1,2008,the company rendered services to a customer for §36,000,an amount immediately paid in cash.On October 1,2008,the company incurred an operating expense of §22,000 that was immediately paid.No other transactions occurred during the year.Currency exchange rates were as follows:
SHAPE \* MERGEFORMAT
 
-Assume (1)that Boerkian was a foreign subsidiary of a U.S.multinational company that used the U.S.dollar as its reporting currency and (2)that the U.S.dollar was the functional currency of the subsidiary.What was the remeasurement gain or loss for 2008?

Quizplus · Accepted Answer

The Answer of REFERENCE: Ref.10_13
Boerkian Co.started 2008 with two assets: cash of §26,000 (stickles)and land that originally cost §72,000 when acquired on April 4,2004.On May 1,2008,the company rendered services to a customer for §36,000,an amount immediately paid in cash.On October 1,2008,the company incurred an operating expense of §22,000 that was immediately paid.No other transactions occurred during the year.Currency exchange rates were as follows:
SHAPE \* MERGEFORMAT
 
-Assume (1)that Boerkian was a foreign subsidiary of a U.S.multinational company that used the U.S.dollar as its reporting currency and (2)that the U.S.dollar was the functional currency of the subsidiary.What was the remeasurement gain or loss for 2008?

REFERENCE: Ref.10_13 Boerkian Co.started 2008 with Two Assets: Cash of §26,000 (Stickles)and