At the beginning of the current year, a U.S. company established a subsidiary in Canada, having the following balance sheet (shown in Canadian dollars, or C$) Cash Fixed assets, net Total Liabilities Capital stock Total C$ 200,000 C$ 100,000 C$ 400,000 At the end of the year, the subsidiary reported the following trial balance C$ 400,000 Cash Fixed assets, net Liabilities Capital stock Sales Depreciation expense Out-of-pocket expenses Dr (Cr C$ 200,000 240,000 (220,000) (200,000) 500,000) 60,000 0 Exchange rates are as follows Beginning of year Average for year End of year $0.85 0.82 0.80 What is the gain or loss that occurs when the subsidiary's trial balance is remeasured into U.S. dollars? a) $3,400 gain b) $2,600 loss c) $2,600 gain d) $3,400 loss