Gale Company was formed on January 1, 2024, as a wholly owne…

Gаle Cоmpаny wаs fоrmed оn January 1, 2024, as a wholly owned foreign subsidiary of a U.S. corporation. Gale’s functional currency was the stickle (). The following transactions and events occurred during 2024: January 1 Gale issued common stock for §2,000,000. June 30 Gale paid dividends of §50,000. December 31 Gale reported net income of §120,000 for the year. Exchange rates for 2024 were: January 1 $ 1 = § 0.50 June 30 $ 1 = § 0.47 December 31 $ 1 = § 0.44 Weighted average rate for the year $ 1 = § 0.46 What was the amount of the translation adjustment for 2024? $121,500 positive translation adjustment $121,500 negative translation adjustment $120,900 positive translation adjustment $120,900 negative translation adjustment $152,200 positive translation adjustment