(25 points) At the beginning of 2019, Lopez Co. had two assets: Cash of 30,000 LCU and Land that originally cost 82,000 LCU when acquired on June 15, 2018. On July 15, 2019, the company rendered services to a customer for 47,000 LCU, an amount immediately paid in cash. On November 27, 2019, the company incurred an operating expense of 36,000 LCU that was immediately paid. No other transactions occurred during the year so an average exchange rate is not necessary. Currency exchange rates were as follows: June 15, 2018 January 1, 2019 1 LCU = $.33 1 LCU = $.32 July 15, 2019 1 LCU = $.34 November 27, 2108 1 LCU = $.35 December 31, 2018 1 LCU = $.39 Required: a. Assume that Lopez was a foreign subsidiary of a U.S. multinational company and the Local Currency Unit (LCU) was the functional currency of the subsidiary. Calculate the translation adjustment for this subsidiary for 2019 and state whether this is a positive or a negative adjustment