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On June 1, 20X6, EXP Inc. borrowed US$200,000 from a U.S. bank. Interest is payable at the rate of 9% on May 31 each year. EXP's fiscal year end is December 31. Relevant exchange rate information follows:
June 1, 20X6 US$1 = C$1.24December 31, 20X6 US$1 = C$1.23Average for 20X6 (June to December) US$1 = C$1.22
Problem 1: What is the amount of foreign exchange gain to be reported on the statement of comprehensive income (SCI) of EXP for the year ended December 31, 20X6, related to the loan and loan interest?
a) $1,820 gainb) $1,895 gainc) $2,000 gaind) $2,105 gain
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