Determine the balance of the foreign currency translation adjustment presented in 2021 and 2022. QRS Company's functional

Determine the balance of the foreign currency translation adjustment presented in 2021 and 2022.

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QRS Company's functional currency is the Philippine Peso. It started operations on January 4, 2021. Below are 2022 Philippine Peso financial statements of QRS with comparative information. QRS Company Statement of Financial Position As of December 31 Cash Accounts receivable Inventory Property, plant and equipment, net Total assets Accounts payable 2022 P 900,000 2021 P 799,269 100,000 610,000 70,266 553,140 89,304 P 1,511,979 66,978 P 1,676,978 P 300,000 P 255,200 100,000 900,000 100,000 Common stock Additional paid in capital 900,000 Retained earnings 376,978 256,779 Total liabilities and stockholders' equity P 1,676,978 P 1,511,979 QRS Company Statement of Comprehensive Income For the period-ended December 31 2022 Sales Cost of goods sold P 750,000 -500,000 Depreciation expense -22,326 Realized foreign currency losses -20,000 2021 P 698,315 -403,460 -22,326 -12,350 Unrealized foreign currency losses -5,000 -3,400 Net income P202,674 P 256,779 QRS Company's functional currency is the Philippine Peso. It started operations on January 4, 2021. Below are 2022 Philippine Peso financial statements of QRS with comparative information. QRS Company Statement of Financial Position As of December 31 Cash Accounts receivable Inventory Property, plant and equipment, net Total assets Accounts payable 2022 P 900,000 2021 P 799,269 100,000 610,000 70,266 553,140 89,304 P 1,511,979 66,978 P 1,676,978 P 300,000 P 255,200 100,000 900,000 100,000 Common stock Additional paid in capital 900,000 Retained earnings 376,978 256,779 Total liabilities and stockholders' equity P 1,676,978 P 1,511,979 QRS Company Statement of Comprehensive Income For the period-ended December 31 2022 Sales Cost of goods sold P 750,000 -500,000 Depreciation expense -22,326 Realized foreign currency losses -20,000 2021 P 698,315 -403,460 -22,326 -12,350 Unrealized foreign currency losses -5,000 -3,400 Net income P202,674 P 256,779