The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts are denominated in kroner (Kr).

Additional Information

Agee issued additional shares of common stock during the year on April 1, 2020. Common stock at January 1, 2020, was sold at the start of operations in 2013.

Agee purchased buildings in 2014 and sold one building with a book value of Kr 1,500 on July 1 of the current year.

Equipment was acquired on April 1, 2020.

Relevant exchange rates for 1 Kr were as follows:

Assuming the foreign currency is the functional currency, what is the translation adjustment for 2020? The December 31, 2019, U.S. dollar-translated balance sheet reported retained earnings of $162,250 and a cumulative translation adjustment of $9,650 (credit balance).

AccountspayableAccountsreceivableAccumulateddepreciation-buildingsAccumulateddepreciation-equipmentBondspayable-due2023BuildingsCashCommonstockDepreciationexpenseDividends(10/1/20)EquipmentGainonsaleofbuildingRentexpenseRetainedearningsSalaryexpenseSalesJanuary1,2020(15,000)54,000(45,000)0(64,000)134,00060,000(69,000)00000(55,000)00December31,2020(25,000)104,000(50,000)(7,500)(64,000)105,00010,500(82,000)40,00057,00064,000(8,500)21,500(55,000)45,000(162,000) \begin{tabular}{ll} 2013 & $2.90 \\ 2014 & 2.70 \\ January 1, 2020 & 3.00 \\ Apri1 1, 2020 & 3.10 \\ July 1, 2020 & 3.30 \\ October 1, 2020 & 3.40 \\ December 31, 2020 & 3.50 \\ Average for 2020 & 3.20 \\ \hline \end{tabular} AccountspayableAccountsreceivableAccumulateddepreciation-buildingsAccumulateddepreciation-equipmentBondspayable-due2023BuildingsCashCommonstockDepreciationexpenseDividends(10/1/20)EquipmentGainonsaleofbuildingRentexpenseRetainedearningsSalaryexpenseSalesJanuary1,2020(15,000)54,000(45,000)0(64,000)134,00060,000(69,000)00000(55,000)00December31,2020(25,000)104,000(50,000)(7,500)(64,000)105,00010,500(82,000)40,00057,00064,000(8,500)21,500(55,000)45,000(162,000) \begin{tabular}{ll} 2013 & $2.90 \\ 2014 & 2.70 \\ January 1, 2020 & 3.00 \\ Apri1 1, 2020 & 3.10 \\ July 1, 2020 & 3.30 \\ October 1, 2020 & 3.40 \\ December 31, 2020 & 3.50 \\ Average for 2020 & 3.20 \\ \hline \end{tabular}