Detroit Based Auto Corporation,purchased Ancillaries from a Japanese Firm on December

Multiple Choice

Detroit based Auto Corporation,purchased ancillaries from a Japanese firm on December 1,20X8,for 1,000,000 Yen,when the spot rate for Yen was $.0095.On December 31,20X8,the spot rate stood at $.0096.On January 10,20X9 Auto paid 1,000,000 Yen acquired at a rate of $.0094.Auto's income statements should report a foreign exchange gain or loss for the years ended December 31,20X8 and 20X9 of:

A) Option A
B) Option B
C) Option C
D) Option D