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What amount should be included as a foreign exchange loss

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Reference no: EM132919040

Beth had the following foreign currency transactions during 2015:

  • Purchased merchandise from a foreign supplier on January 20,2015 for the Philippine peso equivalent of P60,000 and paid the invoice on April 20, 2015 at the Philippine peso equivalent of P68,000
  • On September 1, 2015, borrowed the Philippine peso equivalent of P300,000 evidenced by a note that is payable in the lender's local currency on September 1, 2016. On December 31, 2015, the Philippine peso equivalent of the principal amount was P320,000.

Problem 1: In Beth's 2015 income statement, what amount should be included as a foreign exchange loss?

Group of answer choices

Option 1: P28,000

Option 2: P22,000

Option 3: P20,000

Option 4: P4,000

Reference no: EM132919040

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