REFERENCE: Ref.09_03 Car Corp.(a U.S.-Based Company)sold Parts to a Korean Customer on Customer

Multiple Choice

REFERENCE: Ref.09_03
Car Corp.(a U.S.-based company) sold parts to a Korean customer on December 16,2008,with payment of 10 million Korean won to be received on January 15,2009.The following exchange rates applied:
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-Mills Inc.had a receivable from a foreign customer that is due in the local currency of the customer (stickles) .On December 31,2008,this receivable for §200,000 was correctly included in Mills' balance sheet at $132,000.When the receivable was collected on February 15,2009,the U.S.dollar equivalent was $144,000.In Mills' 2009 consolidated income statement,how much should have been reported as a foreign exchange gain?

A) $0.
B) $36,000.
C) $48,000.
D) $10,000.
E) $12,000.