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What amount should mifflin include as foreign exchange gain

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Reference no: EM133157118

Question - On July 1, 2020, Mifflin Company borrowed 410,000 euros from a foreign lender evidenced by an interest-bearing note due on July 1, 2021. The note is denominated in euros. The U.S. dollar equivalent of the note principal is as follows:

Date Amount

July 1, 2020 (date borrowed) $330,000

December 31, 2020 (Mifflin's year-end) 321,400

July 1, 2021 (date repaid) 308,900

Required - In its 2021 income statement, what amount should Mifflin include as a foreign exchange gain or loss on the note?

Reference no: EM133157118

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