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). Accounts payable January 1, 2020 (5,000) December 31, 2020 (16,000) Accounts receivable 38,000 88,000 Accumulated depreciation-buildings (29,000) (34,000) Accumulated depreciation-equipment (5,900) Bonds payable due 2023 (59,000) 118,000 97,000 Cash 44,000 8,900 stock (68,000) Depreciation expense 24,000 Dividends (10/1/20) 41,000 Equipment 19,000 Gain on sale of building 19,400 Retained earnings (39,000) (39,000) Salary expense 29,000 (116,000) 9,500 Sales Utilities expense 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 7.900 on July 1 of the current year. Equipment was acquired on April 1, 2020. Relevant exchange rates for 1 Kr were as follows: 2013 $2.85 2014 2.65 January 1, 2020 2.95 April 1, 2020 July 1, 2020 3.05 3.25 October 1, 2020 December 31, 2020 Average for 2020 a. Assuming the US dollar is the functional currency, what is the remeasurement gain or loss for 2020? The December 31, 2019, US dollar-translated balance sheet reported retained earnings of $95,150, which included a remeasurement loss of $12.650. 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 $102,500 and a cumulative translation adjustment of $19,350 (credit balance)