Foreign currency gain or loss in the income statement

Reference no: EM133611028

Question: India Ltd., an integrated foreign subsidiary in the U.S., has monetary assets of $300,000, monetaryliabilities of $225,000, non-monetary assets of $500,000 and non-monetary liabilities of$650,000, all in U.S. dollars, at year end. lf the Canadian dollar has become stronger in relation tothe U.S. dollar, as the year progressed, which of the following is correct according to ASPE? There will be a foreign currency gain on the income statement at vear end There will be a foreign currency loss on the income statement at year end. There will be no foreign currency gain or loss in the income statement at year end There will be a foreign currency gain or loss in the shareholders' equity.

Reference no: EM133611028

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