Reference no: EM133000589
Question - On April 1, 20X6, EXP Inc. borrowed €550,000 from a European bank. Interest is payable at the rate of 6% on March 31 each year. EXP's fiscal year end is December 31. Relevant exchange rate information follows:
April 1, 20X6 €1 = C$1.33
December 31, 20X6 €1 = C$1.45
Average for 20X6 (April to December) €1 = C$1.3
What is the amount of foreign exchange loss 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) $64,267.50 loss b) $66,000.00 loss c) $67,732.50 loss d) $68,310.00 loss
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