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What amount should Will-Hart show as gain or loss

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Reference no: EM133061955

Question - Will & Hart Inc., a U.S. company, had the following transactions with foreign companies during Year 1:

1. Purchase of a vehicle directly from a foreign manufacturer for $5,000 less than fair value.

2. Sale of merchandise on credit for 100,000 euros when the spot rate was $1.01. The spot rate at the end of the year is $0.98, The payment for this sale will be made in Year 2.

What amount should Will & Hart show as gain (loss) from foreign currency transactions for Year 1?

Reference no: EM133061955

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