Alum Manufacturing's French subsidiary has the following balance sheet: Cash, marketable securities EUR 250,000 Current liabilities Accounts receivable Inventory (historical) Fixed Assets 000,000 Long-term debt 2,700,000 Equitty 5,100,000 EUR 750,000 3,400,000 4,900,000 Total assets EUR 9,050,000 Total liabilities plus equity EUR 9,050,000 Suppose the EUR depreciates from NZD2.00 to NZD1.60 during the accounting period. Under the temporal method, what is Ajax's translation gain (loss)? Select one: a. a gain of $80,000 b. a loss of $80,000 c. a gain of $1,160,000 O d. a loss of $1,160,000