Solution-What amount should cb report as a foreign exchange

What amount should cb report as a foreign exchange gain

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Reference no: EM132981944

Question - CB Company purchased merchandise for 300,000 foreign currency units (FCU's) from a vendor in a foreign country on November 30, 20x4. Payment in FCU's was due on January 30, 20x5. The exchange rates to purchase 1 FCU were as follows:

Particulars	November 30, 20x4	December 31, 20x4
Spot rate	P1.65	P1.62
30-day rate	P1.64	P1.59
60-day rate	P1.63	P1.56

Required - In its December 31, 20x4 income statement, what amount should CB report as a foreign exchange gain?

Reference no: EM132981944

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What amount should cb report as a foreign exchange gain

Reference no: EM132981944

Reference no: EM132981944

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