Gale Co. was formed on January 1, 2021 as a wholly owned foreign subsidiary of a U.S. corporation. Gale's 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 June 30 Dec. 31 $1 = $0.50 $1 = 0.47 $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. $121,500 negative translation adjustment. $120,900 positive translation adjustment. $120,900 negative translation adjustment. $152,200 positive translation adjustment.