Check my work 4 Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2016, the subsidiary had the following balance sheet (amounts are in thousands (000's) 20 points Cash Inventory NGN 15, 670 Notes payable NCN 20,060 20,060 10,030 10,300 Cmon stock 4,030Retained earninga Building Accumulated depreciation 40,300 eBook NGN 50,150 NGN 50,150 Print References The subsidiary acquired the inventory on August 1, 2016, and the land and building in 2010. It issued the common stock in 2008. During 2017, the following transactions took place: 2017 Feb. 1 May 1 June 1 Aug. 1 Sept.1 Oct. 1 Nov. 1 Dec. 1 Dec. 31 Paid 8,030,000 NGN on the note payable Sold entire inventory fo Sold land for 6,030,000 NGN cash. Collected all accounta receivable Signed long-term note to receive 8,030,000 NGN cash Bought inventory for 20,030,000 NGN cash Bought land for 3,030,000 NGN on account Declared and paid 3,030,000 NGN cash dividend to parent Recorded depreciation for the entire year of 2,015,000 NGN r 16,300,000 NGN on account. Check my work 4 The U.S dollar ($) exchange rates for 1NGN are as follows: 2008 August 1, 2016 December 31, 2016 February 1, 2017 May 1, 2017 June 1,2017 August 1, 2017 September 1, 2017 October , 2017 November , 2017 December 1, 2017 December 31, 2017 Average for 2017 NGN 1 0.0051 10.0045 10.0065 10.0067 10.0069 10.0071 10.0073 10.0077 10.0079 10.0081 10.0083 10.0085 10.0090 10.0080 a. Assuming the NGN is the subsidiary's functional currency, what is the translation adjustment determined solely for 2017? b. Assuming the U.S.$ is the subsidiary's functional currency, what is the remeasurement gain or loss determined solely for (Input all amounts as positive. Enter amounts in whole dollars.) translation adjustment