Calculate the cumulative translation adjustment for this U.S. MNC translating the balance sheet and income statement of a French subsidiary, which keeps its books in euro, but that is translated into U.S. dollars using the current rate method, the reporting currency of the U.S. MNC. The subsidiary is at the end of its first year of operation.The historical exchange rate is $1.60/1.00 and the most recent exchange rate is $1.50/. Local Currency Current Rate Balance Sheet Cash 2,100 $ 3,150 Inventory (Current Value = 1,800) 1,500 $ 2,250 Net fixed assets 3,000 $ 4,500 Total Assets Current liabilities Long-term debt Common stock Retained earnings CTA Total L&E Income Statement Sales Revenue COGS Depreciation 6,600 $ 9,900 1,200 $ 1,800 1,800 $ 2,700 2,700 $ 4,320 900 $ 1,394 6,600 $ 9,900 7,500 $15,484 $11,613 1,000 $ 1,548 1,500 $ 2,323 Tax (40%) 600 $ 929 Profit after tax 900 $ 1,394 Foreign Exchange gain (loss) Net income 900 $ 1,394 Dividends 0 $ 0 Addition to Retained Earnings 900 $ 1,394 10,000