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:
Economic Value
The worth of a good or service determined by its ability to generate income or utility.
Compounded Monthly
Involves calculating and adding interest to the principal amount of an investment or loan on a monthly basis.
Deferred Annuity
An annuity where the start of the periodic payments is delayed by more than one payment interval.
Compounded Annually
The process where interest is calculated once per year and added to the principal sum, affecting the total amount and future interest calculations.
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