Business
Business, 04.04.2020 01:32, busra09

Honk, Inc. a U. S. corporation, purchases weight-lifting equipment for resale from HiDisu, a Japanese corporation, for 60 million yen. On the date of purchase, 110 yen is equal to $1 U. S. (¥110:$1). The purchase is made on December 15, 2018, with payment due in 90 days. Honk is a calendar year taxpayer. On December 31, 2018, the foreign exchange rate is ¥112:$1. On February 2, 2019, the invoice is paid when the exchange rate is ¥115:$1. What amount of foreign currency gain or loss, if any, mus

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Honk, Inc. a U. S. corporation, purchases weight-lifting equipment for resale from HiDisu, a Japanes...

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