Multiple Choice
Assume that on January 15, 2021 MAK agrees to purchase US$500,000 for C$550,000 for delivery on January 15, 2022. The exchange rate at MAK's December 31, 2021 year-end was US$1 = C$0.95 and the January 15, 2022 exchange rate is US$1 = C$0.97. What is the foreign exchange gain or loss recognized at year-end?
A) 0
B) $65,000 loss.
C) $75,000 gain.
D) $75,000 loss.
Correct Answer:
Verified
Correct Answer:
Verified
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