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A us corporation sold inventory on credit to a british

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A U.S. corporation sold inventory on credit to a British company on Apr 8, 2011. The U.S. corp received payment of 35,00 British pounds on May 8, 2011. THe exchange rate was £1= $1.54 on Apr 8 and £1 = $1.43 on May 8. What amount of foreign exchange gain or loss should be recognized?

Reference no: EM13590673

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