Board company has a foreign subsidiarythat began operations at the start of 2015 with assets of 132000 kites (the localcurrency unit) and liabilities of 54,000 kites, during this initial year of operation. the subsidiary reported a profit of 26,000kites. it distributed two dividends. each for 5,000 kites with one dividend declared on march 1 and the other on october 1.applicable exchange rates for 1 kite follow: january 1.2015(startofbusiness) $0.80march1, 0.78weightedaverageratefor2015 0.77october1,2015 0.76december31, 0.75a. assume that the kite is this subsidiary‘s functional currency. what translation adjustment would board report for the year2015? b. assume that on october 1, 2015. board entered into a forward exchange contract to hedge the net investment in thissubsidiary. on that date. board agreed to sell 200,000 kites in three months at a forward exchange rate of 50.76/1 kite. prepare the journal entries required by this forward contract. c, compute the net translation adjustment for board to report in accumulated other comprehensive income for the year2015 underthis second set of circumstances.