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(24,000)(31,500)Accounts receivable45,00095,000Accumulated depreciationbuildings(36,000)(41,000)Accumulated depreciationequipment0(6,600)Bonds payabledue 2020(55,000)(55,000)Buildings125,000100,500Cash51,0009,600Common stock(60,000)(71,000)Depreciation expense031,000Dividends (10 1 17)048,000Equipment046,000Gain on sale of building0(7,600)Rent expense018,100Retained earnings(46,000)(46,000)Salary expense036,000Sales0(133,000)Utilities expense07,500 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 5,100 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 4520112 25January 1, 20172 55April 1, 20172 65July 1, 20172 85October 1, 20172 95December 31, 20173 05Average for 20172 75 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 $96,600, which included a remeasurement loss of $13,000 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 $112,500, and a cumulative translation adjustment of $10,800 (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(24,000)(31,500)Accounts receivable45,00095,000Accumulated depreciationbuildings(36,000)(41,000)Accumulated depreciationequipment0(6,600)Bonds payabledue 2020(55,000)(55,000)Buildings125,000100,500Cash51,0009,600Common stock(60,000)(71,000)Depreciation expense031,000Dividends (10/1/17)048,000Equipment046,000Gain on sale of building0(7,600)Rent expense018,100Retained earnings(46,000)(46,000)Salary expense036,000Sales0(133,000)Utilities expense07,500

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 5,100 on July 1 of the current year.
Equipment was acquired on April 1, 2017.

Relevant exchange rates for 1 Kr were as follows:

2010$2.4520112.25January 1, 20172.55April 1, 20172.65July 1, 20172.85October 1, 20172.95December 31, 20173.05Average for 20172.75

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 $96,600, which included a remeasurement loss of $13,000.
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 $112,500, and a cumulative translation adjustment of $10,800 (credit balance).