The following account balances are for the Agee Company as of January 1, 2017, and December 31, 2017 All amounts are denominated in kroner (Kr) January 1, 2017December 31, 2017Accounts payable(14,000)(22,000)Accounts receivable40,00090,000Accumulated depreciationbuildings(31,000)(36,000)Accumulated depreciationequipment0(6,100)Bonds payabledue 2020(50,000)(50,000)Buildings120,00098,000Cash46,0009,100Common stock(70,000)(83,000)Depreciation expense026,000Dividends (10 1 17)043,000Equipment041,000Gain on sale of building0(7,100)Rent expense015,100Retained earnings(41,000)(41,000)Salary expense031,000Sales0(113,000)Utilities expense05,000 Additional Information Agee issued additional shares of common stock during the year on April 1, 2017 Common stock at January 1, 2017, was sold at the start of operations in 2010 Agee purchased buildings in 2011 and sold one building with a book value of Kr 7,100 on July 1 of the current year Equipment was acquired on April 1, 2017 Relevant exchange rates for 1 Kr were as follows 2010$2 9520112 75January 1, 20173 05April 1, 20173 15July 1, 20173 35October 1, 20173 45December 31, 20173 55Average for 20173 25 Assuming the U S dollar is the functional currency, what is the remeasurement gain or loss for 2017 The December 31, 2016, U S dollar translated balance sheet reported retained earnings of $105,350, which included a remeasurement loss of $12,750 Assuming the foreign currency is the functional currency, what is the translation adjustment for 2017 The December 31, 2016, U S dollar translated balance sheet reported retained earnings of $107,500, and a cumulative translation adjustment of $24,550 (credit balance)

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The following account balances are for the Agee Company as of January 1, 2017, and December 31, 2017. All amounts are denominated in kroner (Kr).

January 1, 2017December 31, 2017Accounts payable(14,000)(22,000)Accounts receivable40,00090,000Accumulated depreciationbuildings(31,000)(36,000)Accumulated depreciationequipment0(6,100)Bonds payabledue 2020(50,000)(50,000)Buildings120,00098,000Cash46,0009,100Common stock(70,000)(83,000)Depreciation expense026,000Dividends (10/1/17)043,000Equipment041,000Gain on sale of building0(7,100)Rent expense015,100Retained earnings(41,000)(41,000)Salary expense031,000Sales0(113,000)Utilities expense05,000

Additional Information

Agee issued additional shares of common stock during the year on April 1, 2017. Common stock at January 1, 2017, was sold at the start of operations in 2010.
Agee purchased buildings in 2011 and sold one building with a book value of Kr 7,100 on July 1 of the current year.
Equipment was acquired on April 1, 2017.

Relevant exchange rates for 1 Kr were as follows:

2010$2.9520112.75January 1, 20173.05April 1, 20173.15July 1, 20173.35October 1, 20173.45December 31, 20173.55Average for 20173.25

Assuming the U.S. dollar is the functional currency, what is the remeasurement gain or loss for 2017? The December 31, 2016, U.S. dollar-translated balance sheet reported retained earnings of $105,350, which included a remeasurement loss of $12,750.
Assuming the foreign currency is the functional currency, what is the translation adjustment for 2017? The December 31, 2016, U.S. dollar-translated balance sheet reported retained earnings of $107,500, and a cumulative translation adjustment of $24,550 (credit balance).