The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts aredenominated in kroner (Kr).Accounts payableAccounts receivableAccumulated depreciation-buildingsAccumulated depreciation-equipmentBonds payable-due 2023BuildingsCashCommon stockDepreciation expenseDividends (10/1/20)EquipmentGain on sale of building.Rent expenseRetained earningsSalary expenseSalesUtilities expenseRelevant exchange rates for 1 Kr were as follows:20132014January 1, 2020April 1, 2020July 1, 2020October 1, 2020December 31, 2020Average for 2020$ 2.452.252.552.652.852.953.052.75January 1, 2020(24,000)45,000(36,000)0Additional Information• Agee issued additional shares of common stock during the year on April 1, 2020. Common stock at January 1, 2020, was sold at thestart of operations in 2013.(For all requirements, input all answers as positive.)8.Remeasurementb. Translation adjustment• Agee purchased buildings in 2014 and sold one building with a book value of Kr 5,100 on July 1 of the current year.• Equipment was acquired on April 1, 2020.(55,000)125,00051,000(60,000)gainpositive00800(46,000)008Answer is complete but not entirely correct.✓ S 12,860$December 31, 2020(31,500)95,00065,440 x(41,000)(6,600)(55,000)100,500a. Assuming the U.S. dollar is the functional currency, what is the remeasurement gain or loss for 2020? The December 31, 2019, U.S.dollar-translated balance sheet reported retained earnings of $96,600, which included a remeasurement loss of $13,000.b. Assuming the foreign currency is the functional currency, what is the translation adjustment for 2020? The December 31, 2019, U.S.dollar-translated balance sheet reported retained earnings of $112,500 and a cumulative translation adjustment of $10,800 (creditbalance).9,600(71,000)31,00048,00046,000(7,600)18,100(46,000)36,000(133,000)7,500

Name: The following account balances are for the Agee Company as of January
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Description: The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts aredenominated in kroner (Kr).Accounts payableAccounts receivableAccumulated depreciation-buildingsAccumulated depreciation-equipmentBo

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The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts are denominated in kroner (Kr). Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Bonds payable-due 2023 Buildings Cash Common stock Depreciation expense Dividends (10/1/20) Equipment Gain on sale of building Rent expense Retained earnings Salary expense Sales Utilities expense January 1, 2020 (24,000) 45,000 (36,000) @ (55,000) 125,000 51,000 (60,000) @ (46,000) December 31, 2020 (31,500) 95,000 (41,000) (6,600) (55,000) 100,500 9,600 (71,000) 31,000 48,000 46,000 (7,600) 18,100 (46,000) 36,000 (133,000) 7,500

The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts are denominated in kroner (Kr). Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Bonds payable-due 2023 Buildings Cash Common stock Depreciation expense Dividends (10/1/20) Equipment Gain on sale of building Rent expense Retained earnings Salary expense Sales Utilities expense January 1, 2020 (24,000) 45,000 (36,000) @ (55,000) 125,000 51,000 (60,000) @ (46,000) December 31, 2020 (31,500) 95,000 (41,000) (6,600) (55,000) 100,500 9,600 (71,000) 31,000 48,000 46,000 (7,600) 18,100 (46,000) 36,000 (133,000) 7,500

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts are denominated in kroner (Kr). Accounts payable Accounts receivable Accumulated depreciation-buildings Accumulated depreciation-equipment Bonds payable-due 2023 Buildings Cash Common stock Depreciation expense Dividends (10/1/20) Equipment O Gain on sale of building Rent expense Retained earnings Salary expense Sales Utilities expense Additional Information Relevant exchange rates for 1 Kr were as follows: 2013 2014 January 1, 2020 April 1, 2020 July 1, 2020 October 1, 2020 December 31, 2020 Average for 2020 $ 2.25 2.55 January 1, 2020 (24,000) 45,000 (36,000) 0 (55,000) 125,000 Agee issued additional shares of common stock during the year on April 1, 2020. Common stock at January 1, 2020, was sold at the start of operations in 2013. O Agee purchased buildings in 2014 and sold one building with a book value of Kr 5,100 on July 1 of the current year. o Equipment was…
(For all requirements, Input all answers as positive.) a. Remeasurement b. Translation adjustment
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