Physics, 17.02.2021 01:30, naomicervero
On June 1, year 1, ABC Co. issued a 200,000 euro purchase order for equipment to be supplied by a German company. ABC's functional currency is the U. S. dollar. The equipment was delivered to ABC on November 1, year 1, and ABC recorded a payable due to the German company. ABC paid for the equipment on January 31, year 2. The following are the exchange rates in effect:
June 1, year 1 1 euro = 1.40 U. S. dollars
November 1, year 1 1 euro = 1.50 U. S. dollars
December 31, year 1 1 euro = 1.35 U. S. dollars
January 31, year 2 1 euro = 1.30 U. S. dollars
Under IFRS, what is the foreign currency gain or loss that ABC should record for the year ended December 31, year 1?
Answers: 3
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On June 1, year 1, ABC Co. issued a 200,000 euro purchase order for equipment to be supplied by a Ge...
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