On $1$ January $2012,$ Auckland Ltd$,$ a NZ based company, established Wisconsin Corporation, a wholly owned US subsidiary, by contributing $NZ$500,000$ for all of Wisconsin ordinary shares. The exchange rate on this date was $NZ$1=$ $US $0\mathrm{.}5.$

The US subsidiary acquired $US$200,000$ in a building with an expected life of $20$ years and rented it out for the year.

The average exchange rate during $2012$ is $US$1=$ $NZ$1\mathrm{.}80$ and the exchange rate on $31$ December $2012$ is $US$1=$ $NZ $1\mathrm{.}60.$ The first column of the following work sheet shows the amounts taken from the books of Wisconsin Corporation at the end of $2012$ measured in US dollars.

The $NZ is the functional currency for Wisconsin Corporation.

Statement of Financial Position

$US

Assets

Cash

$112,000$

Rent Receivable

$20,000$

Building $($Net$)$

$180,000$

$US $312,000$

Liabilities and Owners' Equity

Accounts Payable

$6,000$

Salaries Payable

$4,000$

Ordinary Shares Capital

$250,000$

Foreign Currency Adjustment

Retained Earnings

$52,000$

$US $312,000$

Statement of Financial Performance

Rent Revenue

$100,000$

Operating Expenses

$(28,000)$

Depreciation Expense

$(20,000)$

$US $52,000$

Retained Earnings

Balance, $1$ January $2012$

$--$

Net Income

$52,000$

Balance, $31$ December $2012$

$US $52,000$

Required:

What is the amount of gain or loss on translation that should be included in the translated income statement for $2012.$