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How much exchange gain or loss would be shown

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Problem - Leader Inc. has the following foreign financing: The company borrowed US$350,000, for five years, when US$1.00 = Cdn$1.02. The exchange rate at the end of the ?rst year is US$1.00 = Cdn$1.03, and at the end of the second year is US$1.00 = Cdn$0.99. Assume the debt was raised at par. Ignore interest. How much exchange gain or loss would be shown in earnings in the second year?

Reference no: EM132881359

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