Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. i need good help with this and pls i don't want a

i need good help with this and pls i don't want a wrong answer as...

70.2K

Verified Solution

Question

Accounting

i need good help with this and pls i don't want a wrong answer as always beacuse i am really looking for help, also no handwriting for the answer, Financial statements of Leblanc Corporation, a foreign subsidiary of the DeWitt Corporation (a U.S. company), are shown below at and for the year ended December 31,2023.
1. Please remeasure this subsidiary, and figure out the gain or loss on remeasurement.
2. Translate the subsidiary and figure out the gain or loss for translation.
Assumptions:
1. The parent company (Clay) organized the subsidiary on December 31,2022.
2. Exchange rates for the LCU were as follows:
December 31,2022 $.11
Current exchange (Spot): December 31,2023.13
Weighted Average Average of period .1250
3. Inventory was acquired evenly throughout the year and sales were made evenly throughout the year.
4. Fixed assets were acquired by the subsidiary on December 31,2022, and common stock was issued.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students