Translation and Remeasurement Gains and Losses Amcrest France Sarl, located in paris, France is a financial subsidiary of Target Corporation, a U.S. company. Amcrests accounts are reported in euros. Assume that the following data relate to Amcrests activities for 2020 (in millions).

Net monetary liabilities, beginning of year Euros(15,000)

Net assets, beginning of year 5,400

Transactions during 2020:

Sales 72,000

Inventory purchases 59,000

Depreciation and amortization 1,000

Cost of sales 61,000

Cash of operating expenses 9,500

Dividends declared and paid 100

New long-term interest borrowings 300

Sales, inventory purchases, and cash operating expenses were reported evenly throughout the year. Exchange rates are as follows:

Beginning of 2020 $1.3

Average for 2020 1.24

End of 2020 1.20

Rate when assets related to depreciation and amortization were acquired 1.45

Rate when dividends declared 1.21

Rate when long-term interest borrowings occurred 1.25

b. Prepare a schedule to compute Amcrests 2020 translation gain or loss, assuming Amcrests functional currency is the euro.