Stilton Company $($a U$.$S$.-$based company$)$ has a subsidiary in Canada that began operations at the start of $2024$ with assets of $147,000$ Canadian dollars $($CAD$)$ and liabilities of CAD $84,000.$ During this initial year of operation, the subsidiary reported a profit of CAD $41,000.$ It distributed two dividends, each for CAD $6,500$ with one dividend declared on March $1$ and the other on October $1.$ Applicable U$.$S$.$ dollar $($$$)$ exchange rates for $1$ Canadian dollar follow:January $1,2024($start of business$)$$ $0\mathrm{.}84$March $1,20240\mathrm{.}82$Weighted average rate for $20240\mathrm{.}81$October $1,20240\mathrm{.}80$December $31,20240\mathrm{.}79$Required:Assume that the Canadian dollar is this subsidiarys functional currency. What translation adjustment would the company report for the year $2024?$Assume that on October $1,2024,$ Stilton entered into a forward exchange contract to hedge the net investment in this subsidiary. On that date, the company agreed to sell CAD $200,000$ in three months at a forward exchange rate of $$0\mathrm{.}80/$CAD $1.$ Prepare the journal entries required by this forward contract.Compute the net translation adjustment the company will report in accumulated other comprehensive income for the year $2024$ under this second set of circumstances.