Current Attempt in Progress On January 1, 2024, a U.S. company purchasad 100% of the outstanding stock of Vantana Grains, a company locatad in Latz City, Naw Zealand Ventana Grains was organized on January 1, 2005. All the property, plant, and aquipment hald on January 1, 2024, was acquired when the company was orzanized. The business combination was accounted for as a purchase transaction. The 2024 financial statemants for Ventana Grains, prapared in its local currency, the New Zealand dollar, are zivan here. The account ba ances are computed in conformity with US. generally accepted accounting standards. The account bal ances are computed in conformity with US. generally accepted accounting standards. Other information is as follows: 1. Diract ecchange rates for the New Zaaland dollar on various dates ware: 2. Ventana Grains purchased additional equipment for 100,000 Naw Zealand dollars on July 1,2024, by issuinz a note for 80,000 Naw Zealand dollars and paying the balance in cash. 3. Sales were made and purchases and "Other Expenses" were incurred evanly throuzhout the year. 4. Depreciation for the period in New Zealand dollars was computed as follows: 5. The imventory is valuad an a FIFO besis. The bezinning inventory was acquired when the exchange rate was $0.7480. The ending invantory was aczuired during the last four months of 2024 . 6. Dividends of 50,000 New Zealand dollars wers paid on July 1 and December 31 Describe how the translation gain or loss would be raportad in the financial statements