Pac of the United States purchased all the outstanding stock of Swi of Switzerland for $1,350,000 cash on January 1, 2016. The book values of Swi's assets and liabilities were equal to fair values on this date except for land, which was valued at 1,000,000 euros. Summarized balance sheet information in euros at January 1, 2016, is as follows:

The functional currency of Swi is the euro. Exchange rates for euros for 2016 are as follows:
Spot rate January 1, 2016 ......................$0.75
Average rate 2016 ............................... 0.76
Current rate December 31, 2016 .............. 0.77
REQUIRED:
Determine the unrealized translation gain or loss at December 31, 2016, relating to the excess allocated to the undervalued land.

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800,000 Current liabilities 400,000 500,000 1,000,000 400,000 2,300,000 Current assets Land Bonds payable 00,000 Capital stock 500,000 Retained earnings 2300,000