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).

	January 1, 2020	December 31, 2020
Accounts Payable	(15,000)	(25,000)
Accounts Receivable	54,000	104,000
Accumulated depreciation - buildings	(45,000)	(50,000)
Accumulated depreciation - equipment	0	(7,500)
Bonds payable - due 2023	(64,000)	(64,000)
Buildings	134,000	105,000
Cash	60,000	10,500
Common Stock	(69,000)	(82,000)
Depreciation Expense	0	40,000
Dividends (10/1/20)	0	57,000
Equipment	0	64,000
Gain on sale of building	0	(8,500)
Rent expense	0	21,500
Retained earnings	(55,000)	(55,000)
Salary expense	0	45,000
Sales	0	(162,000)
Utilities expense	0	7,000

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:

2013	$2.90
2014	$2.70
January 1, 2020	$3.00
April 1, 2020	$3.10
July 1, 2020	$3.30
October 1, 2020	$3.40
December 31, 2020	$3.50
Average for 2020	$3.20

a. Assuming the U.S. dollar is the functional currency, what is the remeasurement gain or loss for 2020? The December 31, 2019, U.S. dollar-translated balance sheet reported retained earnings of $145,200, which included a remeasurement loss of $28,300.

b. 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).