Ford prepare-5 consolidated nancial statements on December 31. Year 1. By that date, the Swiss franc has appreciated to SDEE. Because of the vearvend holidausrno transactions took place between the date ofacouisition and the end of the treat. Required: a} Determine the translation adjustment to be reset-ted en Ferd's December 31, \"fear 1. consolidated balance sheet assuming that the Swiss franc is the Swiss sulssidiartlr functional currency? What is the economic relevance ofthis translation adjustment? bl Determine the remeasurement gain or loss to be reported En Ford's Year 1 consolidated income assuming that the LLB. dollar is the functional currency-I? 1What is the economic relevance of this remeasurement gain or loss? 2. Ferd Mater Company {a US. based multinational company] acquired 1m percent af 3 Swiss camber 2D. 1\"fear 1. At the date of acquisition, the camp\"? far 50 million Swiss francs on De Eidiange rate Was $13.30 per franc. The acquisition price Is attributahie to the failawing assets and liahliities denominated in Swiss francs: Cash 15,DDD,UUU Inventnri' 3n,n, Fixed assets 10,905 000 Notes pavbie {25,enn,i