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 financial information for external reporting purposes. The branch

began the year with $500,000$ euros in cash and no other assets or liabilities. However, the branch immediately used $300,000$ euros to

acquire a warehouse. On May $1,$ it purchased inventory costing $100,000$ euros for cash that it sold on July $1$ for $160,000$ euros cash.

The branch transferred $10,000$ euros to the parent on October $1$ and recorded depreciation on the warehouse of $10,000$ euros for the

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

Required:

Calculate the remeasurement gain or loss to be recognized in the consolidated income statement.