A US Parent Acquires a New Subsidiary on January 1, 2020

A U.S. parent acquires a new subsidiary on January 1, 2020. The subsidiary's functional currency is the euro. The subsidiary's December 31, 2020 trial balance is presented below, in euros.
$$\begin{array} { | l | c | } \hline & \begin{array} { c } \text { December 31, 2020 } \\\text { Dr (Cr) }\end{array} \\\hline \text { Cash, receivables } & € 20,000 \\\hline \text { Inventories, at cost } & 90,000 \\\hline \text { Long-term assets, net } & 550,000 \\\hline \text { Liabilities } & ( 440,000 ) \\\hline \text { Capital stock } & ( 200,000 ) \\\hline \text { Retained earnings, beginning } & 0 \\\hline \text { Dividends } & 10,000 \\\hline \text { Sales revenue } & ( 2,000,000 ) \\\hline \text { Cost of goods sold } & 1,150,000 \\\hline \text { Operating expenses } & \frac { 820,000 } { 0 } \\\hline \text { Total } & \underline { € } 0 \\\hline\end{array}$$ Additional information:
•Sales revenue, inventory purchases, and out-of-pocket operating expenses occurred evenly through the year.
•Ending inventory was purchased when the exchange rate was $1.27/€.
•Operating expenses consist of €670,000 in out-of-pocket expenses and €150,000 in depreciation and amortization of long-term assets.
•Dividends were declared when the exchange rate was $1.26/€.
Exchange rates (US$/€) are:
$$\begin{array} { l r } \text { January } 1,2020 & \$ 1.22 \\\text { 2020 ayerage } & 1.25 \\\text { December } 31,2020 & 1.28\end{array}$$ Required
a. Calculate the translation gain or loss for 2020.
b. Translate the subsidiary's December 31, 2020 trial balance into U.S. dollars.