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5. Translation adjustments can be either (1) reported as a translation gain or loss in net income (closed to Retained Earnings on the balance sheet)

5. Translation adjustments can be either (1) reported as a translation gain or loss in net income (closed to Retained Earnings on the balance sheet) or (2) as a cumulative translation adjustment in other comprehensive income (deferred in Accumulated Other Comprehensive Income on the balance sheet). Explain when each occurs

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