United owns Estada, a European based subsidiary for which the Euro is the functional currency. Estada had a net asset position at January 1, 2007 of 1,200,000 Euros and reported income of 350,000 Euros for 2007, which was earned evenly throughout the year. In addition, Estada paid 100,000 Euros of dividends at December 31, 2007. The following were in effect during 2007:
Determine the amount of the unrealized translation gain or loss United should record for 2007 with respect to Estada.
Definitions:
Objectivity
The quality of being unbiased, not influenced by personal feelings or opinions in considering and representing facts.
Mental Operations
The processes of thinking and reasoning, including problem-solving, decision-making, and the manipulation of abstract concepts.
Object Permanence
The understanding in infants and young children that objects continue to exist even when they are not visible.
Sensory Perceptions
The process of receiving and interpreting information from the external world through the sensory organs.
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