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Question - A company has an account payable to a U.S. company, a supplier of inventory, in the amount of US$230,000. The payable was incurred when the exchange rate was US$1 = Cdn$0.74. At year-end, the rate is $0.70.
Required -
1. What amount of inventory is recorded?
2. What amount of exchange gain or loss will the company report for the year?
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