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Which recorded as a gain on foreign exchange at december

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Problem 1: Mark received inventory purchased on account for US $500,000 on December 15,2006 and paid the invoice January 15, 2007. The exchange rate on the purchase date was US$1=C$1.10 ; at the December 31 year-end was US$1=C$1.12 ; and on the payment date was US$1=C$1.09. Which would be recorded as a gain or loss on foreign exchange at the December 31 year-end?

Reference no: EM132647494

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