Question

ABC company had the following balance sheet in millions of pesos on DEC. 31 2015 Assets...



ABC company had the following balance sheet in millions of pesos on DEC. 31 2015

Assets
Cash 100
Acct rec. 400
Inventory 700
Net plant and equipment 800

Liabilities and net worth
Acct pay 400
Long Term debt 600
Capital stock 200
Retained earnings 800

Relevant exchange rate

$.10/peso inventory and capital stock were acquired
$.08/peso plant & equipment LT debt
Ex rate for 31 dec 2015
$.12/peso ex rate 01 Jan 2016

What is the accounting loss or gain under the current rate method from dec 31 2015 to January 1, 2016?

What is the accounting loss or gain under the temporal method from dec 31 2015 to January 1, 2016?

On January 1, 2016, the value of inventories under the temporal rate method was ____?

On January 1, 2016, the value of long term debt under the temporal rate method was ____?
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