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How much shall sales be presented as a result

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Reference no: EM133089744

Question - On December 1, 2019, Pinoy Inc. exported on account Filipino products to an American company at a price of $1,000 collectible on January 31, 2020.

Pinoy Inc. operates in the Philippine territory wherein the functional currency is Philippine Peso. The said exposed item is presented in the December 31, 2019 statement of Financial Position of Pinoy, Inc. at P40,000.

For the years ended December 31, 2019 and 2020, Pinoy Inc. recognized foreign currency gain/(loss) of (P4,000) and 2,000, respectively, in connection with this foreign currency denominated export transaction.

In the statement of comprehensive income of Pinoy, Inc. for the year ended December 31, 2017, how much shall sales be presented as a result of this foreign currency denominated export transaction?

Reference no: EM133089744

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