Ajax Manufacturing's German subsidiary has the following balance sheet: Cash, marketable securities 250,000 Current liabilities 750,000 Accounts receivable 1,000,000 Long-term debt 3,400,000 Inventory (at market) 2,700,000 Equity 4,900,000 Fixed Assets 5,100,000 Total Assets 9,050,000 Total Liabilities plus Equity 9,050,000 Suppose the appreciates from $0.70 to $0.76 during the period, what is Ajax's translation gain (loss)? A. a gain of $294,000 B. a gain of $192,000 C. a loss of $174,000 OD. a loss of $12,000 E. none of the above