Calculate the cumulative translation adjustment for this U.S. MNC translating the balance sheet and income statement of a French subsidiary, which keeps its books in euro, but that is translated into U.S. dollars using the current rate method, the reporting currency of the U.S. MNC.
The subsidiary is at the end of its first year of operation.
The historical exchange rate is $1.60/€1.00 and the most recent exchange rate is $1.50/€ 
Definitions:
Statute of Frauds
a legal concept requiring certain types of contracts to be in writing and signed by the party to be charged, to prevent fraudulent claims and perjuries.
United Nations Convention
An international treaty agreed upon by member states of the United Nations, aimed at setting out specific legal standards and norms.
Article 2(A)
A specific portion of the UCC that deals with leases of personal property.
Lease Contracts
Legal documents outlining the terms under which one party agrees to rent property owned by another party, specifying duration, payment schedules, and other conditions.
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