On January 1, 2020, Mikell acquired a foreign subsidiary whose local currency is the stickle. On January 1, 2020, Mikell issued common stock for 500,000. On July 14, 2020, Mikell sold equipment for 70,000 (a loss of 40,000). On October 1, 2020 Mikell paid dividends of 60,000. Mikells operating revenues and expenses for 2020 were 800,000 and 650,000, respectively and were earned evenly throughout the year. Depreciation expense represented 20,000 of the 650,000. Currency exchange rates were as follows: January 1, 2020 1 = $.5 July 14, 2020 1 = $.58 October 1, 2020 1 = $.48 Average for 2020 1 = $.52 December 31, 2020 1 = $.47 Required: a. Assume that the stickle was the functional currency of the subsidiary (current method). Calculate the translation adjustment for this subsidiary for 2020. b. Assume that the U.S. dollar was the functional currency of the subsidiary (temporal method). Calculate the remeasurement gain or loss for 2020.

For this question please show me your work on how to obtain the answer. Like at least a step by step guide. I would really appreciate it.