This question is worth 8 points Stoudemire Company has a subsidiary in the country of MSG where the local currency unit is in Gallinaris (GL). On 1/1/20, the subsidiary has a net asset balance of 400,000 GL. The GL is the functional currency. During 2020 the following transactions took place: September 1 Declared and paid a dividend of 50,000 GL. October 1 Issued common stock for 300,000 GL. November 1 Purchased treasury stock for 100,000 GL December 1 Purchased a patent for 4,000 GL The net income for 2020 was 100,000 GL The exchange rates for the 1 GL are as follows: 1/1/20 I GL= .60 9/1/20 15.58 10/1/20 1 =.55 11/1/20 15.54 12/1/20 15.53 12/31/20 Average for 2020 15.54 I=.53 Required: Preparer a schedule to calculate the translation adjustment. Indicate whether the translation adjustment is positive or negative. This question is worth 8 points Stoudemire Company has a subsidiary in the country of MSG where the local currency unit is in Gallinaris (GL). On 1/1/20, the subsidiary has a net asset balance of 400,000 GL. The GL is the functional currency. During 2020 the following transactions took place: September 1 Declared and paid a dividend of 50,000 GL. October 1 Issued common stock for 300,000 GL. November 1 Purchased treasury stock for 100,000 GL December 1 Purchased a patent for 4,000 GL The net income for 2020 was 100,000 GL The exchange rates for the 1 GL are as follows: 1/1/20 I GL= .60 9/1/20 15.58 10/1/20 1 =.55 11/1/20 15.54 12/1/20 15.53 12/31/20 Average for 2020 15.54 I=.53 Required: Preparer a schedule to calculate the translation adjustment. Indicate whether the translation adjustment is positive or negative