Tabitha was formed on January 1, 20X8 as a wholly owned foreign subsidiary of a U.S. corporation. Tabitha's functional currency was the stickle (). The following transactions and events occurred during 20X8: 1/1/X8 issued 1,000,000 common stock, 6/30/X8 paid 20,000 dividend, 12/31/X8 net income for the year 80,000. Exchange rates for 2018 were 1/1 $1=0.48; 6/30 $1=0.46; 12/31 $1=0.42 Avg 20X8 $1=0.44. What was the amount of the translation adjustment for 2018?

Select one:

a.$60,800 decrease in relative value of net assets.

b.$466,400 increase in relative value of net assets.

c.$61,200 decrease in relative value of net assets.

d.$60,800 increase in relative value of net assets.

e.$26,000 increase in relative value of net assets.