1. USA Inc. owns Gaul, a European based subsidiary for which the Euro is the functional currency. Gaul had a net asset position at January 1, 2022 of 1,200,000 Euros and reported income of 350,000 Euros for 2022, which was earned evenly throughout the year. In addition, Gaul paid 100,000 Euros of dividends at December 31, 2022. The following were in effect during 2022:

   	January 1, 2022	1 Euros = $0.69
   	Average for 2022	1 Euros = $0.98
   	December 31, 2022	1 Euros = $1.10

   Determine the amount of the unrealized translation gain or loss United should record for 2012 with respect to Gaul.

   		$535,000 Unrealized Translation Gain
   		$294,000 Unrealized Translation Gain
   		$535,000 Unrealized Translation Loss
   		$294,000 Unrealized Translation Loss