Stoudemire Company has a subsidiary in the country of MSG where the local currency unit is in Gallinaris (GL}. On 1/1/20, the subsidiary has a net asset balance of 400,000 GL. The GL is the functional currency.

During 2020 the following transactions took place:

September 1 Declared and paid a dividend of 50,000 GL.

October 1 Issued common stock for 300,000 GL.

November 1 Purchased treasury stock for 100,000 GL

December 1 Purchased a patent for 4,000 GL

The net income for 2020 was 100,000 GL

The exchange rates for the 1 GL are as follows:

1/1/20 I GL= .60

9/1/20 1=.58

10/1/20 1=.55

11/1/20 1=.54

12/1/20 1=.53

12/31/20 l=.53

Average for 2020 1=.54

Required: Preparer a schedule to calculate the translation adjustment. Indicate whether the translation adjustment is positive or negative.