On October 2, 20X4, Duck Corporation borrowed 150,000 British pounds from a London bank, evidenced by an interest-bearing note payable due in one year. The note was payable in pounds. Exchange rates for pounds was: October 2, 20X4 $1.60 December 31, 20X4 $1.62 October 2, 20X5 $1.56 What exchange gain or loss appeared on Duck's 20X4 income statement? a. a loss of $6,000 b. a gain of $6,000 C. a loss of $3,000 d. a gain of $3,000

On October 2, 20X4, Duck Corporation borrowed 150,000 British pounds from a London bank, evidenced by an interest-bearing note payable due in one year. The note was payable in pounds. Exchange rates for pounds was: October 2, 20X4 $1.60 December 31, 20X4 $1.62 October 2, 20X5 $1.56 What exchange gain or loss appeared on Duck's 20X4 income statement? a. a loss of $6,000 b. a gain of $6,000 C. a loss of $3,000 d. a gain of $3,000

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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