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What foreign exchange gain or loss on the transaction is

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Reference no: EM132769340

On December 1, 2020, Ethel Inc. a Philippine company, purchased inventory worth $100,000 from a US supplier, payable within 30 days. Ethel Inc. issued a 30 day notes payable in US dollar. On December 31, 2020, it paid the note. The following are the relevant exchange rates

Date                            Buying             Selling

December 1, 2020      $.04161         $0.04141

December 31, 2020      $.04149      $0.04129

Problem 1: The foreign exchange gain or loss on the transaction is:

Group of answer choices

a. P12 gain

b. P7,000 loss

c. P5,000 loss

d. P10 gain

Reference no: EM132769340

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