Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is...

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Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2019, the subsidiary had the following balance sheet (amounts are in thousands [000s]): Cash Inventory NGN 15,780 10,200 Notes payable Common stock Land Building 4,020 40,200 Retained earnings NGN 20,040 20,040 10,020 Accumulated depreciation (20,100) NGN 50,100 NGN 50, 100 The subsidiary acquired the inventory on August 1, 2019, and the land and building in 2013. It issued the common stock in 2011. During 2020, the following transactions took place: 2020 Feb. 1 Paid 8,020,000 NGN on the note payable. May 1 Sold entire inventory for 16,200,000 NGN on account. June 1 Sold land for 6,020,000 NGN cash. Aug. 1 Collected all accounts receivable. Sept. 1 Signed long-term note to receive 8,020,000 NGN cash. Oct. 1 Bought inventory for 20,020,000 NGN cash. Nov. 1 Bought land for 3,020,000 NGN on account. Dec. 1 Declared and paid 3,020,000 NGN cash dividend to parent. Dec. 31 Recorded depreciation for the entire year of 2,010,000 NGN. The U.S dollar ($) exchange rates for 1 NGN are as follows: 2011 2013 August 1, 2019 NGN 1 1 = = $ 0.0050 0.0044 1 = 0.0064 December 31, 2019 1 = 0.0066 February 1, 2020 1 = 0.0068 May 1, 2020 1 = 0.0070 June 1, 2020 1 0.0072 August 1, 2020 1 = 0.0076 September 1, 2020 1 = 0.0078 October 1, 2020 1 = 0.0080 November 1, 2020 1 = 0.0082 December 1, 2020 1 = 0.0084 December 31, 2020 Average for 2020 1 = 1 = 0.0088 0.0078 a. Assuming the NGN is the subsidiary's functional currency, what is the translation adjustment determined solely for 2020? b. Assuming the U.S.$ is the subsidiary's functional currency, what is the remeasurement gain or loss determined solely for 2020? (Input all amounts as positive. Enter amounts in whole dollars.) a. Positive translation adjustment b. Remeasurement gain Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2019, the subsidiary had the following balance sheet (amounts are in thousands [000s]): Cash Inventory NGN 15,780 10,200 Notes payable Common stock Land Building 4,020 40,200 Retained earnings NGN 20,040 20,040 10,020 Accumulated depreciation (20,100) NGN 50,100 NGN 50, 100 The subsidiary acquired the inventory on August 1, 2019, and the land and building in 2013. It issued the common stock in 2011. During 2020, the following transactions took place: 2020 Feb. 1 Paid 8,020,000 NGN on the note payable. May 1 Sold entire inventory for 16,200,000 NGN on account. June 1 Sold land for 6,020,000 NGN cash. Aug. 1 Collected all accounts receivable. Sept. 1 Signed long-term note to receive 8,020,000 NGN cash. Oct. 1 Bought inventory for 20,020,000 NGN cash. Nov. 1 Bought land for 3,020,000 NGN on account. Dec. 1 Declared and paid 3,020,000 NGN cash dividend to parent. Dec. 31 Recorded depreciation for the entire year of 2,010,000 NGN. The U.S dollar ($) exchange rates for 1 NGN are as follows: 2011 2013 August 1, 2019 NGN 1 1 = = $ 0.0050 0.0044 1 = 0.0064 December 31, 2019 1 = 0.0066 February 1, 2020 1 = 0.0068 May 1, 2020 1 = 0.0070 June 1, 2020 1 0.0072 August 1, 2020 1 = 0.0076 September 1, 2020 1 = 0.0078 October 1, 2020 1 = 0.0080 November 1, 2020 1 = 0.0082 December 1, 2020 1 = 0.0084 December 31, 2020 Average for 2020 1 = 1 = 0.0088 0.0078 a. Assuming the NGN is the subsidiary's functional currency, what is the translation adjustment determined solely for 2020? b. Assuming the U.S.$ is the subsidiary's functional currency, what is the remeasurement gain or loss determined solely for 2020? (Input all amounts as positive. Enter amounts in whole dollars.) a. Positive translation adjustment b. Remeasurement gain