Gale Co. was formed on January 1, 2021 as a wholly owned foreign subsidiary of a U.S. corporation. Gales functional currency was the stickle (). The following transactions and events occurred during 2021:

Jan. 1			Gale issued common stock for 2,000,000.
June 30			Gale paid dividends of 50,000.
Dec. 31			Gale reported net income of 120,000 for the year.

Exchange rates for 2021 were:

Jan. 1	$	1	=		0.50
June 30	$	1	=		0.47
Dec. 31	$	1	=		0.44
Weighted average rate for the year	$	1	=		0.46

What was the amount of the translation adjustment for 2021?

Multiple Choice

$121,500 positive translation adjustment.

$152,200 positive translation adjustment.

$120,900 positive translation adjustment.

$121,500 negative translation adjustment.

$120,900 negative translation adjustment.