Part 2: Problem Solving Questions 1) Brooklyn Co. started 2021 with two assets: Cash of 26,000 stickles (ST) and Land that originally cost 72.000 ST when acquired on April 4. 2018. On May 1, 2021, the company rendered services to a customer for 36.000 ST, an amount immediately paid in cash. On October 1, 2021.the company incurred an operating expense of 22.000 ST that was immediately paid. No other transactions occurred during the year so an average exchange rate is not necessary. Currency exchange rates were as follows: April 4, 2018 $0.28 - IST January 1, 2021 $0.29 = 1 ST May 1, 2021 $0.30 = IST October 1, 2021 $0.31 - IST December 31, 2021 S0.35 = I ST Required (38 points) a) Assume that Brooklyn was a foreign subsidiary of a U.S. multinational company and the stickle was the functional currency of the subsidiary. Calculate the translation adjustment for this subsidiary for 2021 and state whether this is a positive or a negative adjustment b) Assume Brooklyn was a foreign subsidiary of a U.S. multinational company and the U.S. dollar was the functional currency of the subsidiary. Calculate the remcasurment gain or loss for this subsidiary for 2021 and properly label the resulting gain or loss