Ganado Europe $($C$).$ Using facts in the chapter for Ganado Europe, assume the exchange rate on January $2,2016,$ in Exhibit $11\mathrm{.}5$ appreciated from $$\frac{1\mathrm{.}1400}{}$ to $$\frac{1\mathrm{.}6100}{}.$ Calculate Ganado Europe's translated balance sheet for January $2,2016,$ with the new exchange rate using the current rate method as shown in the popup window,

a$.$ What is the amount of translation gain or loss?

b$.$ Where should it appear in the financial statements?

a$.$ What is the amount of translation gain or loss? Enter a positive number for a gain and negative for a loss.

$ $($Round to the nearest dollar.$)$

Data table

$($Click on the following icon $$ in order to copy its contents into a spreadsheet.$)$

EXHIBIT $11\mathrm{.}5$ Ganado Europe's Translation Loss After Depreciation of the Euro: Current Rate Method

$\backslash$table$[[$Assets$,$In Euros $(),$December $31,2015,$January $2,2016],[\backslash$table$[[$Exchange Rate$],[($US$$/$euro$)]],\backslash$table$[[$Translated$],[$Accounts $($US$$)]],\backslash$table$[[$Exchange Rate$],[($US$$/$euro$)]],\backslash$table$[[$Translated$],[$Accounts $($US$$)]]],[$Cash$,1,600,000,1\mathrm{.}1400,$$$1,824,000,1\mathrm{.}6100,$$$2,576,000$