On January 1, 2021, Veldon Co., a U.S. corporation with the U.S. dollar as its functional currency, established Malont Co. as a subsidiary. Malont is located in the country of Sorania, and its functional currency is the stickle (§). Malont engaged in the following transactions during 2021:
Malont's operating revenues and expenses for 2021 were §800,000 and §650,000, respectively. The appropriate exchange rates were:
Required:Calculate the translation adjustment for Malont. (Round your answers to the nearest whole dollar.)
Definitions:
Mediation Confidential
A principle that ensures all discussions, negotiations, and documents produced during mediation cannot be disclosed or used in court.
ADR
Alternative Dispute Resolution, a range of procedures such as mediation and arbitration for resolving disputes without the need for litigation.
Litigation
The process of taking legal action or resolving disputes through the court system.
United Nations Convention
An international agreement formed under the auspices of the United Nations, addressing various global issues through legally binding treaties or protocols.
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