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The following account balances are for the Agee Company as of January 1, 2015, and December...

The following account balances are for the Agee Company as of January 1, 2015, and December 31, 2015. All figures are denominated in kroner (Kr).

January 1, 2015 December
31, 2015
  Accounts payable (9,000)     (19,000)    
  Accounts receivable 34,000      84,000     
  Accumulated depreciation—buildings (25,000)     (30,000)    
  Accumulated depreciation—equipment 0      (5,500)    
  Bonds payable—due 2018 (55,000)     (55,000)    
  Buildings 114,000      95,000     
  Cash 40,000      8,500     
  Common stock (64,000)     (78,000)    
  Depreciation expense 0      20,000     
  Dividends (10/1/15) 0      37,000     
  Equipment 0      35,000     
  Gain on sale of building 0      (6,500)    
  Rent expense 0      17,000     
  Retained earnings (35,000)     (35,000)    
  Salary expense 0      25,000     
  Sales 0      (100,000)    
  Utilities expense 0      7,500     
Additional Information

Agee issued additional shares of common stock during the year on April 1, 2015. Common stock at January 1, 2015, was sold at the start of operations in 2004.

It purchased buildings in 2005 and sold one building with a book value of Kr 14,000 on July 1 of the current year.

Equipment was acquired on April 1, 2015.
Relevant exchange rates for 1 Kr were as follows:
  2004 $ 2.65
  2005 2.45  
  January 1, 2015 2.75  
  April 1, 2015 2.85  
  July 1, 2015 3.05  
  October 1, 2015 3.15  
  December 31, 2015 3.25  
  Average for 2015 2.95  
a.

Assuming the U.S. dollar is the functional currency what is the remeasurement gain or loss for 2015?

       

b.

Assuming the foreign currency is the functional currency what is the translation adjustment for 2015?

       

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