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What is the gain or loss on purchasing power

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Reference no: EM133101974

Question - Ivan Company provided the following information for 2017:

Net monetary assets - January 1 880,000

Sales 3,000,000

Purchases 1,200,000

Expenses 900,000

Income tax 600,000

Cash dividend paid on December 31, 2017 200,000

The sales, purchases, expenses and income tax accrued evenly during the year. The index numbers are 110 on January 1 and 140 on December 31. What is the gain or loss on purchasing power?

Reference no: EM133101974

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