This question's due date has already passed. You may post a tutorial, but there's no guarantee that the original asker will purchase the tutorial. But other people might!

Question

$1.00 Mint corporation has several transaction

From Business: Accounting
Closed, but you can still post tutorials
Due on Jul. 19, 2010
Asked on Jul. 19, 2010 at 05:06:51AM

Asked by :

Jenn0730

Rating :No Rating
Questions Asked: 1
Tutorials Posted: 0

Mint corporation has several transactions with foreign entities. Each transaction is denominated in the local currency unit of hte country in which the foreign entity is located. On November 2, 2008, Mint sold confectionary items to a foreign company of LCU 23,000 when the direct exchange rate was 1 LCU = $1.08. The account has not been settled as of December 31, 2008, when the exhange rate has increased to 1 LCU = $1.10. The foreign exchange gainor loss on Mint's records at year-end for this transaction will be A. $460 loss B. $387 loss C. $387 gain D. $460 gain