The following account balances are for the Agee Company as of January 1, 2011, and December 31, 2011. All figures are denominated in kroner (Kr).
Additional Information
• Agee issued additional shares of common stock during the year on April 1, 2011. Common stock at January 1, 2011, was sold at the start of operations in 2004.
• It purchased buildings in 2005 and sold one building with a book value of Kr 16,000 on July 1 of the current year.
• Equipment was acquired on April 1, 2011.
Relevant exchange rates for 1 Kr were as follows:
a. Assuming the U.S. dollar is the functional currency and retained earnings at January 1, 2011, was $52,600, what is the remeasurement gain or loss for 2011?
b. Assuming the foreign currency is the functional currency and retained earnings at January 1, 2011, was $62,319, what is the translation adjustment for 2011?
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