For #22, the translation gain on Kerwin's identifiable assets resulting from exchange rate changes, why flow effect is also included? I thought it should be holding effect only.

Thanks.

21题我同意你，也还没弄明白，感觉是错题。

22题题目是对的，HOLDING EFFECT和FLOW EFFECT都是因为EXCHANGE RATE CHANGE产生的，没问题。

For #21, because $41 is negative in the financial statements so it is loss instead of gain. That's why

86+147-(41).