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How much is the foreign gain or loss

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Reference no: EM132769445

Problem 1: Ethel Corporation issued a promissory note denominated in foreign currency for the purchase made from a supplier in England on December 1, for a 60 day, 18% promissory note for 108,000 pounds, at a selling rate of 1 FC to P74.20. On December 31, the selling spot rate is FC to P74.85. On January 30, the selling spot rate is FC to P75.75. On the settlement date, how much is the foreign again or loss?

Group of answer choices

a. P172,422 loss

b. P98,658 loss

c. P172,422 gain

d. P100,116 loss

Reference no: EM132769445

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