Find the foreign currency gain or loss for this U.S. MNC translating the balance sheet and income statement of a French subsidiary, which keeps its books in euro, but that is translated into U.S. dollars using the current/noncurrent method, the reporting currency of the U.S. MNC.
The subsidiary is at the end of its first year of operation.
The historical exchange rate is $1.60/€1.00 and the most recent exchange rate is $1.50/€