Refer to the information in problem P7.2. In problem 7.2 Domestic Corporation,

Refer to the information in problem P7.2.
In problem 7.2
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.
Refer to the information in problem P7.2.In problem 7.2Domestic Corporation,
Refer to the information in problem P7.2.In problem 7.2Domestic Corporation,

Required
Repeat the requirements of problem P7.2, assuming the krona (kr) is the functional currency of the subsidiary. As part of part b, prepare a schedule calculating the 2013 translation adjustment and the December 31, 2013, balance for accumulated other comprehensive income.
In problem 7.2
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.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...