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Overseas plc reports in British pounds and has an 80% interest in Far Inc, a subsidiary. It translates the subsidiary's statement of profit or loss and other comprehensive income using average rates for the period. The net assets (equity) of Far Inc are $6,510,000 as at 31 December 20X3 ($4,557,000 as at 31 December 20X2). Far Inc made a profit for the year of $1,674,000 and paid a dividend of $372,000 on 31 August 20X3. Exchange rates are as follows (USD/GBP):
What are the exchange differences to be reported in other comprehensive income for the year ended 31 December 20X3? A. £241,000 loss. B. £49,800 gain. C. £43,400 loss. D. £62,250 loss. E. £49,800 loss. |