The functional currency of garland inc.’s japanese subsidiary is the japanese yen. garland borrowed japanese yen as a partial hedge of its investment in the subsidiary. how should the transaction gain on the foreign currency borrowing be reported in garland’s consolidated financial statements in accordance with ifrs?

On april 1, santa fe, inc. paid griffith publishing company $2,448 for 36-month subscriptions to several different magazines. santa fe debited the prepayment to a prepaid subscriptions account, and the subscriptions started immediately. what amount should appear in the prepaid subscription account for santa fe, inc. after adjustments on december 31 of the first year assuming the company is using a calendar-year reporting period and no previous adjustment has been made?