How much is the accounting gain

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The Simpson Corporation is calculating their adjusted balance sheet into U.S. Dollars. The exchange rate at the beginning of the year was $1 Euro $1 U.S. dollar. The current exchange rate is 80 Euros to $100.

Problem 1: Net income for the year was zero. How much is the accounting gain/loss due to the exchange rate changes?

Beginning Balance sheet:

Assets= 3,000 Euros
Equity= 1,500 Euros
Liabilities= 1,500 Euros

Reference no: EM132746221

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