Charleston Corporation operates a branch operation in a foreign country. Although this branch operates in euros,

the U$.$S$.$ dollar is its functional currency. Thus, a remeasurement is necessary to produce financlal information for

external reporting purposes. The branch began the year with $549,000$ euros in cash and no other assets or

llabilitles. However, the branch immedlately used $396,000$ euros to acquire a warehouse. On May $1,$ It purchased

Inventory costing $129,000$ euros for cash that it sold on July $1$ for $161,000$ euros cash. The branch transferred

$12,000$ euros to the parent on October $1$ and recorded depreclation on the warehouse of $21,000$ euros for the year.

U$.$S dollar exchange rates for $1$ euro follow:

What is the remeasurement gain or loss to be recognized in the consolidated income statement?

Multiple Choice

$$17,280$ gain

$$14,400$ loss

$$17,280$ loss

$$14,400$ gain