On December 18, 2017, Trident Corporation acquired 100 percent of a French company for 4.0 million French francs (FF), which is indicative of book and fair value. At the acquisition date, the exchange rate was $1.00 = FF 1. On December 18, 2017, the book and fair values of the subsidiary's assets and liabilities were: Cash Inventory Property, plant & equipment Notes payable FF 813,000 1,313,000 4,000,000 (2,126,000) Trident prepares consolidated financial statements on December 31, 2017. By that date, the French franc has appreciated to $1.10 = FF 1. Because of the year-end holidays, no transactions took place prior to consolidation. a. Determine the translation adjustment to be reported on Trident's December 31, 2017, consolidated balance sheet, assuming that the French franc is the French subsidiary's functional currency. What is the economic relevance of this translation adjustment? b. Determine the remeasurement gain or loss to be reported in Trident's 2017 consolidated net income, assuming that the U.S. dollar is the functional currency. What is the economic relevance of this remeasurement gain or loss? a. Translation adjustment b. Remeasurement gain Remeasurement loss