Veldon Co., a U.S. corporation, owns Malont Co., a wholly owned subsidiary in the country of Sorania. Malont's functional currency is the stickle (ST). Malont engaged in the following transactions during 2023: January 5, 2023 Issued additional common stock for ST 500,000 July 14, 2023 Sold land at a loss of ST 40,000. The sales price was ST 20,000 and the book value was ST 60,000. October 1, 2023 Declared and paid dividends of ST 60,000 Jan 1 - Dec 31,2023 The total sales revenue for the year was ST 800,000. The total revenue was from both credit sales (60%) and cash sales (40%). Jan 1 - Dec 31,2023 The total operating expenses for the year was ST 650,000. All expenses were paid in cash. None of these expenses was for depreciation of long-term assets. At the beginning of 2023, Malont had ST 420,000 in total assets and ST 70,000 in total liabilities. The appropriate exchange rates were: January 1, 2023 1ST=%$25 January 5, 2023 1S5T=%24 July 14, 2023 1ST=2%21 October 1, 2023 1ST=%$26 December 31, 2023 1S5T=%$27 Average for 2023 1ST=%24 Required: 1. (15 points) Calculate the translation adjustment for Malont using the current rate method. Show supporting calculations to obtain credit. 2. (3 points) Determine whether a positive or negative adjustment should be made and where this adjustment should be reported