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What amount Southern Tagalog include as a foreign currency

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Question - On July 1, 2012, Southern Tagalog Company lent P308,000 to a US Supplier, evidenced by an interest-bearing note due on July 1, 2013. The note is equivalent to $8,000 on the loan date. The note principal was appropriately included at P328,000 in Southern Tagalog's December 31, 2012 balance sheet. The note was repaid to Southern Tagalog on July 1, 2013 due date when the exchange rate to P39 to $1. In its income statement for the year ended December 31, 2013, what amount should Southern Tagalog include as a foreign currency transaction gain or loss?

a. P16,000 loss

b. P0

c. P16,000 gain

d. P26,000 gain

Reference no: EM132742163

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