Prepare the remeasurement of Papua New Guinean sales office PGK balances into AUD for December 31, 2024.

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Question:

Show the calculation of remeasurement loss, 2024.

Prepare the translation of Kangaroo Limited AUD balances into USD for December 31, 2024.

Show the calculation of cumulative translation adjustment for December 31, 2024.

Given data

Kangaroo Limited Equity Account Balances
December 31, 2023	AUD	USD
Common stock	30,000,000	21,300,000
Retained earnings	8,000,000	5,760,000
Cumulative translation adjustment (debit balance)		842,400

Kangaroo Limited Trial Balance
December 31, 2024	AUD Debit	AUD Credit
Cash	6,400,000
Accounts receivable	14,000,000
Inventory	32,000,000
Land	9,000,000
Machinery and equipment	30,000,000
Accumulated depreciation		6,000,000
Accounts payable		4,000,000
Notes payable		40,000,000
Common xtock		30,000,000	given
Retained earnings, 1/1/24		8,000,000	given
Sales		180,000,000
Cost of goods sold	160,000,000
Depreciation expense	3,000,000
Rent expense	4,000,000
Interest expense	1,600,000
Dividends, 7/1/24	8,000,000
Total	268,000,000	268,000,000

Papua New Guinean Sales Office Trial Balance
December 31, 2024	PGK Debit	PGK Credit
Cash	12,000,000
Accounts receivable	20,000,000
Notes payable		20,000,000
Sales		30,000,000
Rent expense	16,000,000
Interest expense	2,000,000
Total	50,000,000	50,000,000