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< Question 4 ofl Question 4 2 points Save An. Denver Corporation operates a branch operation in a foreign country. Although this branch operates in euros, the U.S. dollar is its functional currency. Thus, a remeasurement is necessary to produce financial information for extemal reporting purposes. The branch began the year with 516,000 euros in cash and no other assets or liabilities. However, the branch immediately used 340,000 euros to acquire a warehouse. On May 1, it purchased inventory costing 118,000 euros for cash that it sold on July 1 for 169,000 euros cash. The branch transferred 22,000 euros to the parent on October 1 and recorded depreciation on the warehouse of 14,000 euros for the year. U.S dollar exchange rates for 1 euro follow: $1.20 = euro $1.18=1euro $1.08 = 1 euro $1.16=1euro Janu 1 Jul 1 October 1 December 31 Avera e for the What is the remeasurement gain or loss to be recognized in the consolidated income statement? O $20,210 loss O $16,840 loss O $16,840 gain O $20,210 gain $1.14leuro $1.18 = I euro ear