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Ganado Europe $($A$).$ Using facts in the chapter for Ganado Europe, assume the exchange rate on January $2,2016,$ in Exhibit $11\mathrm{.}5$ dropped in value from $$\frac{1\mathrm{.}1600}{}$ to $$\frac{0\mathrm{.}8000}{}.$ Recalculate Ganado Europe's translated balance sheet for January $2,2016,$ with the new exchange rate using the current rate method as shown in the popup window,

a$.$ What is the amount of translation gain or loss?

b$.$ Where should it appear in the financial statements?

a$.$ What is the amount of translation gain or loss? Enter a positive number for a gain and negative for a loss.

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$($Round to the nearest dollar.$)$

Data table

EXHIBII $11\mathrm{.}5$ Ganado Europe's Iranslation Loss After DeprecIation of the Euro: Current Rate Method

December $31,2015$

$($a$)$ Dollar retained earnings before depreciation are the cumulative sum of additions to retained earnings of all prior years, translated to exchange rates in each year.

$($b$)$ Translated into dollars at the same rate as before depreciation of the euro.

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