i need the answer quickly Oliver Corporation decided on January 1, 2023, that its Canadian subsidiary's functional currency is the Canadian dollar rather than the U.S. dollar. On that date, the net assets of its Canadian subsidiary amountedto C$20,000,000 and to $11,000,000 when remeasured; the exchange rate was $0.75/C$. During 2023, the Canadian subsidiary reported net income of C$2,500,000 and declared and paid dividends ofC$1,000,000. No other changes in owners' equity occurred.RequiredCalculate the translation gain or loss for 2023, and the cumulative translation gain or loss at December 31, 2023. Relevant exchange rates were $0.78/C$ (average); $0.77/C$ (dividend declaration date); $0.79/C$(December 31, 2023).Instructions for Translation Gain or Loss table:1. Use negative signs with answers to indicate a negative exposed position balance.2. Use negative signs with answers to indicate an amount that reduces the exposed position balance.3. Using the drop-down menu, select the appropriate answer to indicate a translation gain or loss and a cumulative translation gain or loss.4. Do not use a negative sign with your translation gain or loss and cumulative gain or loss answers.5. Enter answers using all zeros (do not abbreviate to millions or thousands).C$S/C$$Exposed position, beginning C$00 $0Net income000Dividends0000Exposed position, endingC$000$0$0

The rate at which one country’s currency can be converted into another country’s currency referred…

Oliver Corporation decided on January 1, 2023, that its Canadian subsidiary's functional currency is the Canadian dollar rather than the U.S. dollar. On that date, the net assets of its Canadian subsi to C$20,000,000 and to $11,000,000 when remeasured; the exchange rate was $0.75/C$. During 2023, the Canadian subsidiary reported net income of C$2,500,000 and declared and paid dividends C$1,000,000. No other changes in owners' equity occurred. Required Calculate the translation gain or loss for 2023, and the cumulative translation gain or loss at December 31, 2023. Relevant exchange rates were $0.78/C$ (average); $0.77/C$ (dividend declaration da (December 31, 2023). Instructions for Translation Gain or Loss table: