Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2016, the subsidiary had the following balance sheet (amounts are in thousands (000's)): Cash NGN 16,850 Notes payable NGN 20,500 Inventory 12,500 Common stock 22,900 Land 4,250 Retained earnings 11,450 Building 42,500 Accumulated depreciation (21,250 ) NGN 54,850 NGN 54,850 The subsidiary acquired the inventory on August 1, 2016, and the land and building in 2010. It issued the common stock in 2008. During 2017, the following transactions took place: 2017 Feb. 1 Paid 8,250,000 NGN on the note payable. May 1 Sold entire inventory for 18,500,000 NGN on account. June 1 Sold land for 6,250,000 NGN cash. Aug. 1 Collected all accounts receivable. Sept.1 Signed long-term note to receive 8,250,000 NGN cash. Oct. 1 Bought inventory for 20,250,000 NGN cash. Nov. 1 Bought land for 3,250,000 NGN on account. Dec. 1 Declared and paid 3,250,000 NGN cash dividend to parent. Dec. 31 Recorded depreciation for the entire year of 2,125,000 NGN. The U.S dollar ($) exchange rates for 1 NGN are as follows: 2008 NGN 1 = $ 0.0073 2010 1 = 0.0067 August 1, 2016 1 = 0.0087 December 31, 2016 1 = 0.0089 February 1, 2017 1 = 0.0091 May 1, 2017 1 = 0.0093 June 1, 2017 1 = 0.0095 August 1, 2017 1 = 0.0099 September 1, 2017 1 = 0.0101 October 1, 2017 1 = 0.0103 November 1, 2017 1 = 0.0105 December 1, 2017 1 = 0.0107 December 31, 2017 1 = 0.0134 Average for 2017 1 = 0.0124 Assuming the NGN is the subsidiary's functional currency, what is the translation adjustment determined solely for 2017? Assuming the U.S.$ is the subsidiary's functional currency, what is the remeasurement gain or loss determined solely for 2017? What is the correct answer several post already say the answer is incorrect.