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Calculation of Translation adjustment Pounds Exchange Rate USD Net Assets 1/1 Y1 10,000 1.20 12,000 Net Income Y1 1,700 1.15 1,955 Net Assets 12/31 Y1

Calculation of Translation adjustment
	Pounds	Exchange Rate	USD
Net Assets 1/1 Y1	10,000	1.20	12,000
Net Income Y1	1,700	1.15	1,955
Net Assets 12/31 Y1	11,700		13,955

Net Assets 12/31 Y1 at current exchange rate	11,700	1.11	12,987


	Translation Adjustment Y1		968

Is the translation adjusment a gain or a loss and why?

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