Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 10 Oct 2017 My Price 7.00

Aerkion Company

Aerkion Company starts 2013 with two assets: cash of 22,000 LCU (local currency units) and land that originally cost 60,000 LCU when acquired on April 4, 2005. On May 1, 2013, Aerkion rendered services to a customer for 30,000 LCU, an amount immediately paid in cash. On October 1, 2013, the company incurred an 18,000 LCU operating expense that was

immediately paid. No other transactions occurred during the year. Currency exchange rates for 1 LCU follow:

April 4, 2005 . . . . . . . . . . . . . . . . . . . . . . . . . LCU 1 5 $0.23

January 1, 2013 . . . . . . . . . . . . . . . . . . . . . . . 1 5 0.24

May 1, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . 1 5 0.25

October 1, 2013 . . . . . . . . . . . . . . . . . . . . . . 1 5 0.26

Average for 2013. . . . . . . . . . . . . . . . . . . . . . 1 5 0.27

December 31, 2013 . . . . . . . . . . . . . . . . . . . . 1 5 0.29

a. Assume that Aerkion is a foreign subsidiary of a U.S. multinational company that uses the U.S. dollar as its reporting currency. Assume also that the LCU is the subsidiary’s func- tional currency. What is the translation adjustment for this subsidiary for the year 2013?

b . Assume that Aerkion is a foreign subsidiary of a U.S. multinational company that uses the U.S. dollar as its reporting currency. Assume also that the U.S. dollar is the subsidiary’s functional currency. What is the remeasurement gain or loss for 2013?

c . Assume that Aerkion is a foreign subsidiary of a U.S. multinational company. On the December 31, 2013, balance sheet, what is the translated value of the Land account? On the December 31, 2013, balance sheet, what is the remeasured value of the Land account?

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Oct 2017 09:10 PM My Price 7.00

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