ExistingSubsidiary-Remeasurement PennymarketsCorporation, aU.S.firm, acquiredSuperValu, on January 1, 2022. SuperValu is a Swedish company that has...
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ExistingSubsidiary-Remeasurement PennymarketsCorporation, aU.S.firm, acquiredSuperValu, on January 1, 2022. SuperValu is a Swedish company that has been in existence for several years, and whose functional currency is the U.S. dollar. Comparative account balances for January 1 and December 31, 2022, appear below, measured in krona (kr), the Swedish currency. Exchange rates in 2022 were: Required Remeasure SuperValu's 2022 ending trial balance into U.S. dollars. Include a schedule calculating the 2022 remeasurement gain or loss, appearing in 2022 income. Existing Subsidiary-Translation (see related P7.2) Refer to the information in P7.2, and assume SuperValu's functional currency is the krona. Required Translate SuperValu's 2022 ending trial balance into U.S. dollars. Include a schedule calculating the 2022 translation gain or loss, appearing in other comprehensive income for 2022
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