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 U.S. dollar. The subsidiary's trial balances for January 1 and December 31, 2020 are presented below, in euros.
$\begin{array}{|c|c|c|}\hline & \begin{array}{c}\text { January } 1,2020 \\\text { Dr (Cr) }\end{array} & \begin{array}{c}\text { December } 31,2020 \\\text { Dr (Cr) }\end{array} \\\hline \text { Cash, receivables } & € \quad 10,000 & 20,000 \\\hline \text { Inventories, at cost } & 40,000 & 90,000 \\\hline \text { Long-term assets, net } & 700,000 & 550,000 \\\hline \text { Liabilities } & \{550,000\} & \{440,000\} \\\hline \text { Capital stock } & \{200,000\} & \{200,000\} \\\hline \text { Retained earnings, beginning } & 0 & 0 \\\hline \text { Dividends } & - & 10,000 \\\hline \text { Sales revenue } & - & \{2,000,000\} \\\hline \text { Cost of goods sold } & - & 1,150,000 \\\hline \text { Operating expenses } & -- & 820,000 \\\hline \text { Total } & €\quad0 & €\quad0 \\\hline\end{array}$
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 remeasurement gain or loss for 2020.
b. Remeasure the subsidiary's December 31, 2020 trial balance into U.S. dollars.