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How much should be reported as foreign exchange gain

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Question - Cade Inc. had a debit adjustment of $8900 for the year ended 12/31/21, from restating its foreign subsidiary's accounts from their local currency units into US Dollars.

Additionally, Cad had a receivable from a foreign customer. It is denominated in the customer's local currency. On 12/31/20, this receivable for 300,00 local currency units was correctly included in Cade's balance sheet at $123,000. When the receivable was collected on February 15, 2021, the US Dolla-equivalent was $116,400.

In Cade's 2021 consolidated statement of income, how much should be reported as foreign exchange gain/loss in computing net income?

Reference no: EM133137707

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