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On January 1,2018,Veldon Co Malont's Operating Revenues and Expenses for 2018 Were

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On January 1,2018,Veldon Co. ,a U.S.corporation with the U.S.dollar as its functional currency,established Malont Co.as a subsidiary.Malont is located in the country of Sorania,and its functional currency is the stickle (§).Malont engaged in the following transactions during 2018:
 January 1,2018 Issued common stock for §500,000 July 14,2018 Sold a patent at a gain of §40,000 October 1,2018 Paid dividends of §60,000\begin{array}{ll}\text { January } 1,2018 & \text { Issued common stock for } \S 500,000 \\\text { July } 14,2018 & \text { Sold a patent at a gain of } \S 40,000 \\\text { October } 1,2018 & \text { Paid dividends of } \S 60,000\end{array}

Malont's operating revenues and expenses for 2018 were $800,000\$ 800,000 and $650,000\$ 650,000 , respectively. The appropriate exchange rates were:

 January 1,2018§1=$2.5 July 14,2018§1=$2.1 October 1,2018§1=$2.6 December 31,2018§1=$2.7 Average for 2018§1=$2.4\begin{array}{ll}\text { January } 1,2018 & \S 1=\$ 2.5 \\\text { July } 14,2018 & \S 1=\$ 2.1 \\\text { October } 1,2018 & \S 1=\$ 2.6 \\\text { December } 31,2018 & \S 1=\$ 2.7 \\\text { Average for } 2018 & \S 1=\$ 2.4\end{array}
Required:
Calculate the translation adjustment for Malont.(Round your answers to the nearest whole dollar. )

Correct Answer:

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