The American subsidiary of Villard has opening net assets of 800,000, makes a profit of 100,000 and has closing net assets of 900,000 (case convention: no dividend or contribution). Rates: 0.90 euro at the opening date, 0.92 euro on average for the profit, 0.95 euro at the closing date. Calculate the translation difference for the year in euros.
- Opening net assets in dollars
- 800,000
- Profit for the year in dollars
- 100,000
- Closing net assets in dollars
- 900,000