Stilton Company (a U.S.-based company) has a subsidiary in Canada that began operations at the start of 2024 with assets of 148,000 Canadian dollars (CAD) and liabilities of CAD 86,000. During this initial year of operation, the subsidiary reported a profit of CAD 42,000. It distributed two dividends, each for CAD 6,600 with one dividend declared on March 1 and the other on October 1. Applicable U.S. dollar (\$) exchange rates for 1 Canadian dollar follow: Required: a. Assume that the Canadian dollar is this subsidiary's functional currency. What translation adjustment would the company report for the year 2024 ? b. 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 155,000 in three months at a forward exchange rate of $0.81/CAD1. Prepare the journal entries required by this forward contract. c. Compute the net translation adjustment the company will report in accumulated other comprehensive income for the year 2024 under this second set of circumstances. Complete this question by entering your answers in the tabs below. Assume that the Canadian dollar is this subsidiary's functional currency. What translation adjustment would the company report for the year 2024