28. 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]); page 524 Cash NGN16,000 Note payable.... NGN20,000 Inventory 10,000 Common stock. 20,000 Land. 4,000 Retained earnings 10,000 Building 40,000 Accumulated depreciation. (20,000) NGN50,000 NGN50,000 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 Pald 8,000,000 NGN on the note payable. May 1 Sold entire inventory for 16,000,000 NGN on account. June 1 Sold land for 6,000,000 NGN cash. Aug. 1 Collected all accounts receivable. Sept. 1 Signed long-term note to raceive 8,000,000 NGN cash. Oct. 1 Bought inventory for 20,000,000 NGN cash. Nov. 1 Bought land for 3,000,000 NGN on account. Dec. 1 Declared and paid 3,000,000 NGN cash dividend to parent Dec. 31 Recorded depreciation for the entire year of 2,000,000 NGN. The US dollar ($) exchange rates for 1 NGN are as follows: 2011 NGN1 = $0.0048 2013 1 0.0042 August 1, 2019 1 0.0062 December 31, 2019 1 0.0064 February 1, 2020 1 0.0086 May 1, 2020 1 0.0068 June 1, 2020 1 -0.0070 August 1, 2020 1 0.0074 September 1, 2020 1 0.0076 DOOD 3 1 Accumulated depreciation... (20,000) NGN50,000 + The subsidiary acquired the inventory on August 1, 2019, and the land and building in 2013. It issued the common stock in 2011. During 2020, the following transactions took place: 2020 Feb. 1 Paid 8,000,000 NGN on the note payable. May 1 Sold entire inventory for 16,000,000 NGN on account. June 1 Sold land for 6,000,000 NGN cash. Aug. 1 Collected all accounts receivable. Sept. 1 Signed long-term note to receive 8,000,000 NGN cash. Oct. 1 Bought inventory for 20,000,000 NGN cash. Nov. 1 Bought land for 3,000,000 NGN on account. Dec. 1 Declared and paid 3,000,000 NGN cash dividend to parent. Dec. 31 Recorded depreciation for the entire year of 2,000,000 NGN. The US dollar ($) exchange rates for 1 NGN are as follows: 2011 NGN1 = $0,0048 2013 1 = 0.0042 August 1, 2019 1 = 0.0062 December 31, 2019 1 = 0.0064 February 1, 2020 1 = 0.0066 May 1, 2020 1 =0.0068 June 1, 2020 1 +0.0070 August 1, 2020 1 = 0.0074 September 1, 2020 1 = 0.0076 October 1, 2020 1 = 0.0078 November 1, 2020 1 = 0.0080 December 1, 2020 1 = 0.0082 December 31, 2020 1 = 0.0084 Average for 2020 1 = 0.0074 a. Assuming the NGN is the subsidiary's functional currency, what is the translation adjustment determined solely for 2020
