4. A translation adjustment (or translation gain) that is a consequence of translation of a functional currency that is different from the reporting currency should be a. Deferred and amortized over a period not to exceed 40 years. b. Deferred until a subsequent year when a loss occurs and offset it against that loss. C. Included as a separate item in the equity section of the balance sheet. d. Included in net income in the period in which it occurs. 5. A wholly owned foreign subsidiary of Import Corporation has certain expense accounts for the year ended December 31, 2008, stated in local currency units (LCU) as follows