Question$-3.$

On January $1,2022,$ Punale Corporation, a U$.$S$.$ company, formed Syrata C

subsidiary in exchange for all of the subsidiary's common stock. Syrata, pur

May $1,2022,$ at a cost of $500,000,$ with $100,000$ allocated to land and $$

building. Syrata has now ended its second year of operations on Decembr

exchange rates are:

January $01,2022,=1=$$$1\mathrm{.}60$

May $01,2022,=1=$$$1\mathrm{.}62$

December $31,2023,=1=$$$1\mathrm{.}57$

$2023$ average rate $=1=$$$1\mathrm{.}56$

January $01,2023$ Retained earnings $1213,500=$$$365,000$

Syrata $\text{'}$s adjusted trial balance is presented below for the calendar year $2023.$

Credits

Required:

Prepare Syrata $\text{'}$s:

Remeasurement working papers;

Remeasured income statement; and

Remeasured balance sheet.