Exercise 1 (20 points) The comparative historical-cost balance sheets of Turkar Inc. for 2020 and 2021 are reproduced be

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Exercise 1 20 Points The Comparative Historical Cost Balance Sheets Of Turkar Inc For 2020 And 2021 Are Reproduced Be 1 (38.08 KiB) Viewed 11 times

Exercise 1 (20 points) The comparative historical-cost balance sheets of Turkar Inc. for 2020 and 2021 are reproduced below. The accounts are expressed in 000¹ of liras Balance Sheet Cash Equipment, net Total Assets Current Liabilities Long-Term Debt Owner's Equity Total 2020 5,500 4,000 9,500 1,000 3,000 5,500 9,500 2021 5,100 3,500 8,600 12/31/2021 39,000 1,200 4,000 3,400 8,600 Required: 1. What was the change in Turkar's net monetary asset or liability position? 2. Calculate net monetary gain or loss in local currency for 2021 based on the following general price level information: 12/31/2020 30,000 Average: 34,900