The following transactions were recorded by Larson Company's subsidiary in Finland during 2014. The exchange rate at January 1, 2014, was $ 1.13/‚¬; at December 31,2014, it was $ 1.10/‚¬.

Exchange rates when assets sold or amortized were acquired by the Finnish subsidiary. 2 The weighted average exchange rate during 2014.
Required
a. Assuming the functional currency of the subsidiary is the U.S. dollar, prepare a schedule to compute the 2014 remeasurement gain or loss. Net assets (liabilities) reported at fair value (current money prices) amounted to (‚¬12,000,000) at January 1,2014.
b. Assuming the functional currency of the subsidiary is the euro, prepare a schedule to compute the translation gain or loss for 2014. Net assets were ‚¬9,000,000 at January 1, 2014.

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s/e Purchase of inventory.8,000,000 Proceeds from sale of land Book value of land sold... Sales... Cost of sales....e. Cash operating expenses. . Issue of bonds payable for cash 2,000,000 $1.10 1.11 1.15 1.12 1.161 1.12 1.14 1.13 1,000,000 10,000,000 e6,000,000 1,800,000 200,000