Domestic Corporation, a U.S. firm, acquired Valiant AB on January 1,2013. Valiant 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 31,2013, appear below, measured in krona (kr), the Swedish currency.

Required
a. Remeasure Valiant's 2013 beginning and ending trial balances into dollars.
b. Prepare a remeasured income statement and balance sheet for Valiant, plus a schedule calculating the 2013 remeasurement gain or loss.

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Dr (Cr) Account Balances January 1 December 31 Cash... -. . Accounts receivable, net Plant and equipment, net Accounts payable.r. Notes payable Capital stock Retained earnings, January Sales Depreciation expense.... Other expenses . TotalsA... kr 175,000 400,000 2,320,000 (535,000) (800,000) (400,000) (1,160,000) kr 240,000 360,000 2,000,000 200,000) (600,000) (400,000) (1,160,000) (1.200,000) 320,000 640,000 kr 0 kr Date January 1,2013. Average for 2013ac December 31,2013. S/kr $0.16 ww.0.17 0.19