If the spot rate on March 1, 20×2 was $2.45 per 100 rupees, what is the foreign currency exchange gain or loss that should be recorded that day?
A. $15,000 gain
B. $15,000 loss
C. $35,000 gain
D. $35,000 loss
Answer:D
If the spot rate on March 1, 20×2 was $2.45 per 100 rupees, what is the foreign currency exchange gain or loss that should be recorded that day?
A. $15,000 gain B. $15,000 loss C. $35,000 gain D. $35,000 loss