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What amount of foreign exchange gain or loss be reflected

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Reference no: EM133051947

Question - McCarthy, Inc.'s Brazilian subsidiary borrowed 117,000 euros on January 1, 2020. Exchange rates between the Brazilian real (BRL) and euro (€) and between the U.S. dollar ($) and BRL are as follows:

 

BRL per €

US$ per BRL

January 1, 2020

BRL 4.20

$0.28

Average, 2020

BRL 4.30

$0.25

December 31, 2020

BRL 4.60

$0.20

Required - What amount of foreign exchange gain or loss should be reflected in McCarthy 2020 consolidated net income?

Reference no: EM133051947

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