>> Accounting Basics
Post, Inc. had a rceivable from a foreign customer that is a payble in the customer's local currency. ON 12/31/2011, Post correctly included this receivable for 200,000 local currency units (lcu) in its balance sheet at $111,000. When Post Collected the receivable on February 15, 2012, the U.S. dolalr equivalent was $95,000. In PoST'S 2010 Consolidated income statement, how much should it report as forrign income exhange loss?
Please provide explanation.