On December $18,2020,$ Stephanie Corporation acquired $100$ percent of a Swiss company for $4\mathrm{.}0$ million Swiss francs $($CHF$),$ which is indicative of book and fair value. At the acquisition date, the exchange rate was $$1\mathrm{.}00=$ CHF $1.$ On December $18,2020,$ the book and fair values of the subsidiary$$s assets and liabilities were as follows:

Cash CHF $800,000$

Inventory $1,300,000$

Property, plant, and equipment $4,000,000$

Notes payable $(2,100,000)$

Stephanie prepares consolidated financial statements on December $31,2020.$ By that date, the Swiss franc has appreciated to $$1\mathrm{.}10=$ CHF $1.$ Because of the year$-$end holidays, no transactions took place prior to consolidation.

Determine the translation adjustment to be reported on Stephanie$$s December $31,2020,$ consolidated balance sheet, assuming that the Swiss franc is the Swiss subsidiary$$s functional currency. What is the economic relevance of this translation adjustment?

Determine the remeasurement gain or loss to be reported in Stephanie$$s $2020$ consolidated net income, assuming that the U$.$S$.$ dollar is the functional currency. What is the economic relevance of this remeasurement gain or loss?