On Dec. 31, 2020 a foreign subsidiary in Malaysia submitted the ff. condensed statement of financial...

 

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On Dec. 31, 2020 a foreign subsidiary in Malaysia submitted the ff. condensed statement of financial position in foreign currency. M Ringgit Total assets Total liabilities Common stock Retained earnings Current rate Historical rate 20,000 Weighted average rate 4,000 The exchange rate per ringgit rate 10,000 6,000 P10.90 P10.30 P9.90 Assuming that the retained earnings of the subsidiary on December 31, 2020 translated to Philippine peso is P67,000, what amount of cumulative translation adjustment is to be reported as other comprehensive income? On Dec. 31, 2020 a foreign subsidiary in Malaysia submitted the ff. condensed statement of financial position in foreign currency. M Ringgit Total assets Total liabilities Common stock Retained earnings Current rate Historical rate 20,000 Weighted average rate 4,000 The exchange rate per ringgit rate 10,000 6,000 P10.90 P10.30 P9.90 Assuming that the retained earnings of the subsidiary on December 31, 2020 translated to Philippine peso is P67,000, what amount of cumulative translation adjustment is to be reported as other comprehensive income?

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