Oliver Corporation decided on January 1, 2017, 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 exchange rate was \($0.95/C$.\) During 2017, the Canadian subsidiary reported net income of C\($2,500,000\) and paid dividends of C\($1,000,000.\) No other changes in owners' equity occurred.

Required 

Calculate the translation gain or loss for 2017, and the cumulative translation gain or loss at December 31, 2017. Relevant exchange rates were \($0.98/C$\) (average); \($0.97/C$\) (dividend declaration date); \($0.99/C$
(December\) 31, 2017).