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What day should report a transaction gain of

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Problem 1: On April 8, 2020, Day Corp. purchased merchandise from an unaffiliated foreign company for 10,000 units of foreign company's local currency. Day paid the bill in full on March 1, 2021 when the spot rate was P0.45. The spot rate was P0.60 on April 8, 2020 and was P0.55 on December 31, 2020. On December 31, 2021, the spot rate will be expected to be P0.65. For the year ended December 31, 2021, Day should report a transaction gain of:

A. 0

B. 500

C. 1,500

D. 1,000

Reference no: EM132817762

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