On January 1, 2020 Bono Co., a U.S. corporation with the U.S. dollar as its functional currency, established Cassie Corp. as a subsidiary. Cassie is located in a foreign country where the local currency is the steckel (""). It's functional currency is the dollar. Cassie engaged in the following transactions during 2020: 1/1/2020 Issued Common Stock for 1,000,000 1/1/2020 Purchased inventory for 400,000 2/1/2020 Borrowed 700,000 from a bank 2/1/2020 Purchased land for 1,200,000 cash 10/1/2020 Paid dividends of 120,000 Cassie's sold $300,000 of inventory throughout the year for 700,000 and incurred expenses of 100,000.

The appropriate exchange rates were: 1/1/2020 1=$2.3

2/1/2020 1=$2.5

10/1/2020 1=$2.6

12/31/2020 1=$2.7

Average for 2020 1=$2.4

Calculate the remeasurement gain/loss for Cassie. Round your adjustment to the nearest dollar and indicate whether the amount is a gain or (loss).