Oliver Corporation decided on January 1, 2014, that its Canadian subsidiary's functional currency is the Canadian dollar

Question:

Oliver decided on January 1, 2014, that its Canadian subsidiary's functional currency is the Canadian dollar rather than the U.S. dollar. On that date, the net assets of its Canadian subsidiary amounted to C$20,000,000 and to $15,000,000 when remeasured; the was $1.05/C$. During 2014, the Canadian subsidiary reported net income of $C2,500,000 and paid dividends of $C1,000,000. No other changes in owners' equity occurred.
Required
Prepare an analysis of the cumulative translation gain or loss for 2014. Relevant exchange rates were $1.03/$C (average); $1.02/$C (dividend declaration date); $1.01/$C (December 31,2014). Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...