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Question - STAR LAB Company sold merchandise for 30,000 pounds to a customer in London on December 1, 2020. Payment in British pounds was due on March 31, 2021. On the same date, the company entered into a 120-day forward contract to sell 30,000 pounds to Central City Bank. Exchange rates for one pound on different dates are as follows:
December 1
December 31
March 31
Spot rates
81.4
82.3
82.0
30-day forward
82.9
83.2
60-day forward
82.8
82.7
82.6
90-day forward
81.6
83.4
120-day forward
82.5
Required - How much is the foreign exchange gain reported on December 31, 2020 Income Statement?
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