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What is the foreign exchange loss on series of transaction

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Reference no: EM132917524

Question 1: On September 1, 20x7, TIE Corporation submitted a US$100,000 purchase order for equipment when the exchange rate was US$1 = C$1.161. On October 31, 20x7, it received the equipment, when the exchange rate was C$1.169. On December 1, 20x7, it paid US$50,000 to the supplier, when the exchange rate was C$1.176. On December 31, 20x7, the exchange rate was C$1.180. What is the foreign exchange loss on this series of transactions for the year ended December 31, 20x7?

a)1100

b)900

c)1900

d)1700

Question 2: based on above information , what is Canadian dollar cost of TIE equipment on its December 31,2007balance sheet?

A)116,900

B) 116,100

C)117,800

D)118000

Reference no: EM132917524

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