Find the foreign currency gain or loss for this U.S. MNC translating the balance sheet and income statement of a French subsidiary, which keeps its books in euro, then is translated into U.S. dollars using the currentoncurrent methodthe 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/.

Balance Sheet O Cash 2,100 Inventory (current Value = (1,800) 1,500 Net fixed assets 3.000 Total Assets 6.600 Current liabilities 1,200 Long-term 1,800 Common stock 2,700 Retained earnings the th oth the th th eth th 900 CTA Total L&E E 6.600 Income Statement Sales Revenue E 10.000 COGS 7,500 Depreciation (th th th th th it 1,000 NOI 1,500 Tax(40%) 600 Profit after tax 900 Foreign Exchange gain (loss) Net income 900 Dividends Addition to Retained Earnings 900