The following account balances are for the Agee Company as of January 1, 2024, and December 31, 2024. All amounts are denominated in kroner (Kr).

Additional Information

Agee issued additional shares of common stock during the year on April 1, 2024. Common stock on January 1, 2024, was sold at the start of operations in 2017.

Agee purchased buildings in 2018 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, 2024.

Relevant exchange rates for 1 Kr were as follows:

A) Assuming the U.S. dollar is the functional currency, what is the remeasurement gain or loss for 2024? The December 31, 2023, U.S. 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 2024? The December 31, 2023, U.S. dollar-translated balance sheet reported retained earnings of $102,500 and a cumulative translation adjustment of $19,350 (credit balance).

Note: For all requirements, input all answers as positive.

20172018January1,2024April1,2024July1,2024October1,2024December31,2024Averagefor2024$2.852.652.953.053.253.353.453.15 AccountspayableAccountsreceivableAccumulateddepreciation-buildingsAccumulateddepreciation-equipmentBondspayable-due2027BuildingsCashCommonstockDepreciationexpenseDividends(10/1/24)EquipmentGainonsaleofbuildingRentexpenseRetainedearningsSalaryexpenseSalesUtilitiesexpenseJanuary1,2024(5,000)38,000(29,000)0(59,000)118,00044,000(68,000)00000(39,000)000December31,2024(16,000)88,000(34,000)(5,900)(59,000)97,0008,900(79,000)24,00041,00039,000(6,900)19,400(39,000)29,000(116,000)9,500 \begin{tabular}{|l|ll|l|} \hline a. Remeasurement & gain & & \\ \hline b. Translation adjustment & positive & & \\ \hline \end{tabular}