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What amount of foreign exchange gain or loss be recorded

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Reference no: EM132769448

Hinghol Co, a Philippine corporation, sold inventory on December 1, 2020, with payment of 32,500 British pounds to be recorded in sixty days. The pertinent exchange rates were as follows:

Date                                Spot rate

December 1, 2020        P1.7241

December 31, 2020       P1.8182

January 30, 2021          P1.6666

Problem 1: For what amount of foreign exchange gain or loss should be recorded on December31, 2020?

Group of answer choices

a. P3.058.25 gain

b. P3,058.25 loss

c. P975 loss

d. P975 gain

Reference no: EM132769448

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