Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2019, the subsidiary had the following balance sheet (amounts are in thousands [000s]): Cash Inventory Land Building NGN 16,760 11,600 Notes payable Common stock 4,160 Retained earnings 41,600 Accumulated depreciation (20,800) NGN 53,320 NGN 20,320 22,000 11,000 NGN 53,320 The subsidiary acquired the inventory on August 1, 2019, and the land and building in 2013. It issued the common stock in 2011. During 2020, the following transactions took place: 2020 Feb. 1 Paid 8,160,000 NGN on the note payable. May 1 Sold entire inventory for 17,600,000 NGN on account. June 1 Sold land for 6,160,000 NGN cash. Aug. 1 Collected all accounts receivable. Sept. 1 Signed long-term note to receive 8,160,000 NGN cash. Oct. 1 Bought inventory for 20,160,000 NGN cash. Nov. 1 Bought land for 3,160,000 NGN on account. Dec. 1 Declared and paid 3,160,000 NGN cash dividend to parent. Dec. 31 Recorded depreciation for the entire year of 2,080,000 NGN. The U.S dollar ($) exchange rates for 1 NGN are as follows: The U.S dollar ($) exchange rates for 1 NGN are as follows: 2011 2013 August 1, 2019 NGN 1 $ 0.0064 1 = 0.0058 1 = 0.0078 December 31, 2019 1 = 0.0080 February 1, 2020 1 = 0.0082 May 1, 2020 1 = 0.0084 June 1, 2020 1 = 0.0086 August 1, 2020 1 = 0.0090 September 1, 2020 1 = 0.0092 October 1, 2020 1 = 0.0094 November 1, 2020 December 1, 2020 December 31, 2020 Average for 2020 1 = 0.0096 1 = 0.0098 1 = 1 = 0.0116 0.0106 a. Assuming the NGN is the subsidiary's functional currency, what is the translation adjustment determined solely for 2020? b. Assuming the U.S.$ is the subsidiary's functional currency, what is the remeasurement gain or loss determined solely for 2020? (Input all amounts as positive. Enter amounts in whole dollars.) Answer is complete but not entirely correct. a. Positive translation adjustment $ 136 b. Remeasurement gain $ 14 x