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Assume That Signh Agrees to Purchase US$100,000 for C$84,745 on January

Question 24

Multiple Choice

Assume that Signh agrees to purchase US$100,000 for C$84,745 on January 15,2018.The exchange rate at year-end is US$1 = C$1.20 and the January 15,2018 exchange rate is US$1 = C$1.19.What journal entry is required at January 15,2013?


A) $701 loss.
B) $701 gain.
C) $711 loss.
D) $711 gain.

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