Board Company has a foreign subsidiary that began operations at the start of 2017 with assets of 141,000 kites (the local currency unit) and liabilities of 72,000. During this initial year of operation, the subsidiary reported a profit of 35,000 kites. It distributed two dividends, each for 5,900 kites with one dividend declared on March 1 and the other on October 1. Applicable exchange rates for 1 kite follow: iness) January 1, 2017 (start of business) March 1, 2017 Weighted average rate for 2017 October 1, 2017 December 31, 2017 $0.78 0.76 0.75 0.74 0.73 a. Assume that the kite is this subsidiary's functional currency. What translation adjustment would Board report for the year 2017? b. Assume that on October 1, 2017, Board entered into a forward exchange contract to hedge the net investment in this subsidiary. On that date, Board agreed to sell 290,000 kites in three months at a forward exchange rate of $0.74/1 kite. Prepare the journal entries required by this forward contract. c. Compute the net translation adjustment for Board to report in accumulated other comprehensive income for the year 2017 under this second set of circumstances. & Answer is complete but not entirely correct. Required A Required B Required C Assume that the kite is this subsidiary's functional currency. What translation adjustment would Board report for the year 2017? Negative Translation $ (4,504) adjustment Required A Required B > Required A Required B Required C Assume that on October 1, 2017, Board entered into a forward exchange contract to hedge the net investment in this subsidiary. On that date, Board agreed to sell 290,000 kites in three months at a forward exchange rate of $0.74/1 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.) Show less A No General Journal Debit Credit Date 10/01 1 No journal entry required 12/31 2,900 Forward contract Translation adjustment (positive) 2,900 12/31 211,700 Foreign currency (kites) Cash 211,700 12/31 214,600 Cash Forward contract Foreign currency (kites) 2,900 211,700 Required A Required c > Answer is complete but not entirely correct. Required A Required B Required C Compute the net translation adjustment for Board to report in accumulated other comprehensive income for the year 2017 under this second set of circumstances. Net translation adjustment Negative $ (1,604) Required B Required c )