Multiple Choice
A company has a foreign-currency transaction loss of $1400 and a foreign-currency transaction gain of $9800. How is this information reported on the income statement?
A) Other Losses: Foreign-Currency Transaction Loss $1400 and Other Gains: Foreign-Currency Transaction Gain $9800
B) Other Gains: Foreign-Currency Transaction Gain, net $8400
C) Other Comprehensive Income: Foreign-Currency Transaction Gain $9800 and Other Comprehensive Loss: Foreign-Currency Transaction Loss $1400
D) Other Comprehensive Income: Foreign-Currency Transaction Gain, net $8400
Correct Answer:
Verified
Correct Answer:
Verified
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