Multiple Choice
Assume that Millan 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 year-end?
A) $701 loss.
B) $701 gain.
C) $1,412 loss.
D) $1,412 gain.
Correct Answer:
Verified
Correct Answer:
Verified
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