Suppose an American subsidiary of UK company showed:
- Current assets of dollar 5 million;
- Current liabilities of dollar 4 million;
- Total assets = dollar 7.2 million;
- Total liabilities = dollar 8.2 million
If the dollar depreciated during that year from £0.7538 to £0.7500.
Under FASB-52, what is the translation gain (loss) in pound if dollar is the functional currency?