Sinkal Co was formed on January 1,2018 as a wholly owned foreign subsidiary of a U.S. corporation. Sinkal's functional currency was the stickle (5) The following transactions and events occurred during 2018 an. 1 Sinkal issued common stock for $1,888,88e. June 30 Sinkal paid dividends of 520,eee. Dec. 31 Sinkal reported net income of $88,e00 for the year. Exchange rates for 2018 were: Jan.1 une 30 Dec.31 Weighted average rate for the year 51$0.42 51 $0.46 51 $0.48 What was the amount of the translation adjustment for 2018? Multiple Choice $440000 negative translation adjustment. $62800 positive translation adjustment. $62,800 negative translation adjustment. $52,000 negative translation adjustment $26,000 positive translation adjustment