Multiple Choice
Assume that on January 15, 2021 Singh agrees to purchase US$100,000 for C$117,000 for delivery on January 15, 2022. The exchange rate at Singh's December 31 year-end is US$1 = C$1.20 and the January 15, 2022 exchange rate is US$1 = C$1.19. What is the foreign exchange gain or loss recognized at January 15, 2022?
A) $1,000 loss.
B) $1,000 gain.
C) $2,000 loss.
D) $2,000 gain.
Correct Answer:
Verified
Correct Answer:
Verified
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