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Find what is the foreign exchange gain or loss

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Reference no: EM132769344

An entity purchases plant from a foreign supplier for 3,000,000 yen on January 2, 2020, when the exchange rate was 2 Yen = P1. At the entity's year end, December 31, 2020, the amount has not been paid. The rate was Yen 1.50= P1. The entity's functional currency is the peso.

Problem 1: What is the foreign exchange gain or (loss) that should be reflected in the statement of comprehensive income?

Group of answer choices

a. P0.60 million

b. (P0.60 million)

c.( P0.50 million)

d. P0.50 million

Reference no: EM132769344

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