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Question 39

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Use the following information to answer the question(s) below.

On October 4, 2014, Sooty Corporation borrowed 250,000 British pounds from a London bank, evidenced by an interest-bearing note payable due in one year. The note was payable in pounds. Exchange rates for pounds were:
Use the following information to answer the question(s) below. On October 4, 2014, Sooty Corporation borrowed 250,000 British pounds from a London bank, evidenced by an interest-bearing note payable due in one year. The note was payable in pounds. Exchange rates for pounds were: -What is the final amount of the loan payable that Sooty repaid? A) $250,000 B) $287,500 C) $397,500 D) $402,500
-What is the final amount of the loan payable that Sooty repaid?


A) $250,000
B) $287,500
C) $397,500
D) $402,500

Correct Answer:

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