On November 15, 2020, Celt, Inc., a Philippine company located in Baguio City, ordered merchandise FOB shipping point from a German Company for 200,000 marks. The merchandise as shipped and invoiced to Celt on December 10, 2009. Celt paid the invoice on January 1, 2021. The spot rates for marks on the respective dates are as follows:

On November 15, 2020, Celt, Inc., a Philippine company located in Baguio City, ordered merchandise FOB shipping point from a German Company for 200,000 marks. The merchandise as shipped and invoiced to Celt on December 10, 2009. Celt paid the invoice on January 1, 2021. The spot rates for marks on the respective dates are as follows:

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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Question

2.
On November 15, 2020, Celt, Inc., a Philippine company located in Baguio City, ordered
merchandise FOB shipping point from a German Company for 200,000 marks. The merchandise
as shipped and invoiced to Celt on December 10, 2009. Celt paid the invoice on January 1, 2021.
The spot rates for marks on the respective dates are as follows:
November 15, 2020
December 10, 2020
P22.4955
22.4875
December 31, 2020
22.4675
January
10, 2021
22.4475
In Celt's December 31, 2020 income statement, the foreign exchange gain is?

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