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Norton Co, a U

Question 2

Multiple Choice

Norton Co., a U.S. corporation, sold inventory on December 1, 2011, with payment of 10,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: Norton Co., a U.S. corporation, sold inventory on December 1, 2011, with payment of 10,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: What amount of foreign exchange gain or loss should be recorded on December 31? A) $300 gain. B) $300 loss. C) $0. D) $941 loss. E) $941 gain. What amount of foreign exchange gain or loss should be recorded on December 31?


A) $300 gain.
B) $300 loss.
C) $0.
D) $941 loss.
E) $941 gain.

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