Board Company has a foreign subsidiary that began operations at the start of 2015 with assets of 145,000 kites (the local currency unit) and liabilities of 80,000 kites. During this initial year of operation, the subsidiary reported a profit of 39,000 kites. It distributed two dividends, each for 6,300 kites with one dividend declared on March 1 and the other on October 1. Applicable exchange rates for 1 kite follow:

January 1, 2015 (start of business)	$	0.82
March 1, 2015		0.80
Weighted average rate for 2015		0.79
October 1, 2015		0.78
December 31, 2015		0.77

a.	Assume that the kite is this subsidiarys functional currency. What translation adjustment would Board report for the year 2015?

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b.

Assume that on October 1, 2015, Board entered into a forward exchange contract to hedge the net investment in this subsidiary. On that date, Board agreed to sell 180,000 kites in three months at a forward exchange rate of $0.78/1 kite. Prepare the journal entries required by this forward contract. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)