Question: Entity A has just started its operation on January 1, 20x1. On this date, Entity A's equity consisted of P2M share capital share capital, which

Entity A has just started its operation on January 1, 20x1. On this date, Entity A's equity consisted of P2M share capital share capital, which issued balso on this date. Entity A's functional currency is the Philippine peso. However, it wishes to presents 20x1 financial statements into japaneses yen (Y). The following information was gathered on December 31, 20x1, after a year operations.

Total assest 10,000,000

Total Liabilities 5,000,000

Share Capital 2,000,000

Retained Earnings 3,000,000

Total Liabilities and equity 10,000,000

Income 7,000,000

Expenses (4,000,000)

Profit 3,000,000

Relevant exchange rates:

January 1, 20x1(historical rate for the share capital) P1:Y2

Average Rate P1:Y3

December 31, 20x1 (closing rate P1:Y4

How much is the translated total assets?

a. Y40M

b. Y36M

c. Y20M

d. Y18M

2.How much is the translated total equity?

a. Y40M

b. Y36M

c. Y20M

d. Y18M

3.How much is the translated profit or loss?

a. Y9M

b. Y7M

c. Y6M

d. Y12M

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