On January 1, 2022, Perfect Corporation (a U.S. company) paid Euro 300,000 to acquire all of the common stock of Snow Company. a German enterprise. There was no revaluation for this acquisition. During 2022, Snow purchased Euro 200,000 of inventories. Ending inventory items (FIFO cost) were purchased when the exchange was Euro 1 US$1.22. Snow's equipment was purchased in 2015. Merchandise purchases, sales and other expenses occurred evenly over the year. Snow declared and paid dividends of Euro 30,000 on December 17, 2022. Exchange rates were as follows: The exchange rate on January 1, 2022, was Euro 1 - US$1.20 The exchange rate on May 1, 2022, was Euro 1 - US$1.25 US$1.23 The exchange rate on December 17, 2022, was Euro 1 = US$1.18 The exchange rate on December 31, 2022, was Euro 1 Average exchange rate for 2022 was Euro 1 - US$1.21 1. The functional currency of Snow was the Euro. Remeasurement/translation of financial statements to U.S. Dollars, for the year ended December 31, 2022 Snow Company (German subsidiary Euros Exchange rate US. Dollar Income Statement Net sales 400,000 Cost of goods sold 220,000 Depreciation expense 10,000 Other expenses 50,000 Net income 120,000 Statement of Retained Earnings Retained carnings, 1/1/22 20,000 Net income 120,000 Dividends declared 30,000 Retained earnings, 12/31/22 110,000 Balance Sheet 1/1/22 12/31/22 Cash 220,000330,000 Inventories (at FIFO cost 50,000 30,000 Equipment (net) 80,000 70,000 Total 350,000/430,000 Accounts payable 30,000 20,000 Common stock 300,000 300,000 Retained comings 20,000 110,000 Total 350,000 430,000 Euro 1- (a) Determine the remeasurement gain or loss/translation adjustment for 2022 by analyzing changes in exposed positions. You must show your calculations to receive credit. (b) Complete the above table for the remeasurement/translation of Snow's financial statement into U.S. dollars.