Stilton Company $($a U$.$S$.-$based company$)$ has a subsidiary in Canada that began operations at the start of $2024$ with assets of $133,000$ Canadian dollars $($CAD$)$ and liabilities of CAD $56,000.$ During this initial year of operation, the subsidiary reported a profit of CAD $27,000.$ It distributed two dividends, each for CAD $5,100$ with one dividend declared on March $1$ and the other on October $1.$ Applicable U$.$S$.$ dollar $($$$)$ exchange rates for $1$ Canadian dollar follow:

January $1,2024($start of business$)$ $ $0\mathrm{.}70$

March $1,20240\mathrm{.}68$

Weighted average rate for $20240\mathrm{.}67$

October $1,20240\mathrm{.}66$

December $31,20240\mathrm{.}65$

Required:

Assume that the Canadian dollar is this subsidiary$$s functional currency. What translation adjustment would the company report for the year $2024?$

Assume that on October $1,2024,$ Stilton entered into a forward exchange contract to hedge the net investment in this subsidiary. On that date, the company agreed to sell CAD $210,000$ in three months at a forward exchange rate of $$0\mathrm{.}66/$CAD $1.$ Prepare the journal entries required by this forward contract.

Compute the net translation adjustment the company will report in accumulated other comprehensive income for the year $2024$ under this second set of circumstances.