Refer to the information in P7.2 and assume SuperValu’s functional currency is the krona.

Exchange rates in 2019 were:

Translate SuperValu’s 2019 ending trial balance into U.S. Dollars. Include a schedule calculating the 2019 translation gain or loss, appearing in other comprehensive income tax 2019.

Transcribed Image Text:

Dr (Cr) Account Balances December 31 January 1 kr 175,000 400,000 2,320,000 (535,000) (800,000) (400,000) (1,160,000) Cash. Accounts receivable, net Plant and equipment, net Accounts payable Notes payable.. Capital stock. Retained earnings, January 1. Sales.... kr 240,000 360,000 2,000,000 (200,000) (600,000) (400,000) (1,160,000) (1,200,000) 320,000 640,000 Depreciation expense. Other expenses Totals kr kr Dr (Cr) Account Balances December 31 January 1 kr 175,000 400,000 2,320,000 (535,000) (800,000) (400,000) (1,160,000) Cash. Accounts receivable, net Plant and equipment, net Accounts payable Notes payable.. Capital stock. Retained earnings, January 1. Sales.... kr 240,000 360,000 2,000,000 (200,000) (600,000) (400,000) (1,160,000) (1,200,000) 320,000 640,000 Depreciation expense. Other expenses Totals kr kr

Answer rating: 100% (QA)

Please find attached Trial Balance as of 31st December 2019 in US with translation adjustment to r... View the full answer