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Did fleetstar have a net foreign-currency gain or loss

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Question: Suppose Fleetstar Ltd. sells athletic shoes to a German company on March 14. Fleetstar agrees to accept 2,000,000 euros. On the date of sale, the euro is quoted at $1.56. Fleetstar collects half the receivable on April 19, when the euro is worth $1.55. Then, on May 10, when the price of the euro is $1.58, Fleetstar collects the final amount.

- Journalize these three transactions for Fleetstar; include an explanation.

- Overall, did Fleetstar have a net foreign-currency gain or loss?

Reference no: EM132747947

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