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What dd income statements should report a foreign exchange

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Reference no: EM132969992

Problem 1: DD Inc., a Philippine company, bought machine parts from a foreign country on March 1, 20x4, for 30,000 foreign currency units (FCU), when the spot rate for FCU was P.4895. DD's year-end was March 31, when the spot rate was P.4845. On April 20, 20x5, DD paid the liability with 30,000 FCUs at a rate of P.4945. DD's income statements should report a foreign exchange gain or the years ended March 31, 20X4 and 20x5 of:

     20x4          20x5                20x4           20x5

a. P -0-         -0-           c.       P150       loss P -0-

b. P -0-        P150 loss   d.        P150 gain    P300 loss

Reference no: EM132969992

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