Calculate the exchange gain or loss that would be included

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Reference no: EM133922671

Problem

For retained earnings, simply use the amount required to balance your balance sheet. Calculate the exchange gain or loss that would be included in Sycamore Inc.'s translated statement of comprehensive income for the year ended December 31, 2019, if that company is considered to be a self-sustaining foreign operation. Calculate the amount of consolidated net income that Pine Company would report for the year ended December 31, 2019, if Sycamore Inc. was considered to be a self-sustaining foreign operation. Consider the following independently from the previous information (except for the acquisition date and the table of exchange rates). On December 31, 2019, Sycamore Inc. sold some equipment for proceeds of US$100,000. Get the instant assignment help. The equipment had been acquired on May 31, 2013, and had a carrying value of US$80,000 on the date that it was sold. Calculate the gain or loss on the sale of this item, that would be reported in Sycamore Inc.'s income statement for the year ended December 31, 2019, if: 1) Sycamore Inc. is considered to be an integrated foreign operation; 2) Sycamore Inc. is considered to be a self-sustaining foreign operation.

Reference no: EM133922671

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