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8) On July 1, 2022, Chester Aguilar acquires 1,000 shares of a foreign company at 10 Foreign Currency units (FC, hereafter) per share. He acquired the funds for this purchase when FC1- $1.48, a value that did not change prior to the date on which he purchased the shares. He sells the 1,000 shares December 1, 2022 for FC12 per share. On this date the exchange rate is FC1- $1.46. What is the effect of the sale transaction on Chester's net income for 20227 A) $2,520 B) $2,720 C) $1,360 D) $1,160

8) On July 1, 2022, Chester Aguilar acquires 1,000 shares of a foreign company at 10 Foreign Currency units (FC, hereafter) per share. He acquired the funds for this purchase when FC1- $1.48, a value that did not change prior to the date on which he purchased the shares. He sells the 1,000 shares December 1, 2022 for FC12 per share. On this date the exchange rate is FC1- $1.46. What is the effect of the sale transaction on Chester's net income for 20227 A) $2,520 B) $2,720 C) $1,360 D) $1,160

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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8) On July 1, 2022, Chester Aguilar acquires 1,000 shares of a foreign company at 10 Foreign Currency units (FC, hereafter) per share. He acquired the funds for this purchase when FC1- $1.48, a value that did not change prior to the date on which he purchased the shares. He sells the 1,000 shares December 1, 2022 for FC12 per share. On this date the exchange rate is FC1- $1.46. What is the effect of the sale transaction on Chester's net income for 20227 A) $2,520 B) $2,720 C) $1,360 D) $1,160
Transcribed Image Text:8) On July 1, 2022, Chester Aguilar acquires 1,000 shares of a foreign company at 10 Foreign Currency units (FC, hereafter) per share. He acquired the funds for this purchase when FC1- $1.48, a value that did not change prior to the date on which he purchased the shares. He sells the 1,000 shares December 1, 2022 for FC12 per share. On this date the exchange rate is FC1- $1.46. What is the effect of the sale transaction on Chester's net income for 20227 A) $2,520 B) $2,720 C) $1,360 D) $1,160
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