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On July 1st.2020, X purchased inventory from its main U.S. supplier, Y Ltd. at a cost of US$12,000.
X's year end is on July 31. Payment of US$12,000 for the inventory is due on August 31st.2020.
Some important dates regarding this transaction, as well as the exchange rates in effect at each of these dates are shown below:-
Transaction date July 1,2020
US$1.00 =
CDN$1.370
Year end July 31,2020
US$1.00=
CDN$1.345
Settlement date: August 31,2020
CDN$1.325
What would be the amount of the foreign exchange gain or loss recorded at the settlement date?
a. A CDN $300 exchange gain
b. A CDN $300 exchange loss
c. A CDN $240 exchange gain
d. Nil. Any exchange gain or loss is deferred until settlement.
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