The following account balances are for the spectre Company as of January 1, 2017, and December 31, 2017 spectre is wholly owned subsidiary of US company, John Corporation Spectre is located in foreign Country All figures are denominated in foreign curreny(EC) January 1 2017 December 31 2017 Account payable (15 000) (25 000) Account receivable 54 000 104 000 Accumulated depr Buildings (45 000) (50 000) Accumulated depr Equipments 0 (7 500) Bond payable Due 2020 (64 000) (64 000) Buildings 134 000 105 000 Cash 60 000 10 500 Share Capital (69 000) (82 000) Depreciation Expense 0 40 000 Dividends paid (Jan 1, 2017) 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 Expenses 0 45 000 Sales 0 (162 000) Utility Expenses 0 7 000 Additional Information a spectre 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 2006 b It purchased buildings in 2007 and sold one building with a book value of EC 1,500 on July 1 of the current year c Equipment was acquired on April 1, 2017 Relevant exchange rates for 1 EC were as follows 2006 $290 2007 $270 January 1, 2017 $300 April 1, 2017 $310 July 1, 2017 $330 October 1, 2017 $340 December 31, 2017 $350 Average 2017 $320 Required 1 Assuming the USD is the functional currency what is the remeasurement gain or loss for 2017 2 Assuming the EC is the functional currency what is the translation adjustment for 2017

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The following account balances are for the spectre Company as of January 1, 2017, and December 31, 2017. spectre is wholly owned subsidiary of US

The following account balances are for the spectre Company as of January 1, 2017, and December 31, 2017. spectre is wholly owned subsidiary of US company, John Corporation. Spectre is located in foreign Country. All figures are denominated in foreign curreny(EC);

	January 1 2017	December 31 2017
Account payable	(15.000)	(25.000)
Account receivable	54.000	104.000
Accumulated depr- Buildings	(45.000)	(50.000)
Accumulated depr- Equipments	0	(7.500)
Bond payable- Due 2020	(64.000)	(64.000)
Buildings	134.000	105.000
Cash	60.000	10.500
Share Capital	(69.000)	(82.000)
Depreciation Expense	0	40.000
Dividends paid (Jan 1, 2017)	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 Expenses	0	45.000
Sales	0	(162.000)
Utility Expenses	0	7.000

Additional Information; a. spectre 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 2006. b. It purchased buildings in 2007 and sold one building with a book value of EC 1,500 on July 1 of the current year. c. Equipment was acquired on April 1, 2017. Relevant exchange rates for 1 EC were as follows:

2006	$290
2007	$270
January 1, 2017	$300
April 1, 2017	$310
July 1, 2017	$330
October 1, 2017	$340
December 31, 2017	$350
Average 2017	$320

Required: 1. Assuming the USD is the functional currency what is the remeasurement gain or loss for 2017? 2. Assuming the EC is the functional currency what is the translation adjustment for 2017?