Reference no: EM132744946
On December 23, 2019, the employee of STAR COMPANY was given an P18,000 travel advance for a 10-day trip to Hong Kong. On that day, the amount was converted into 36,000 Hong Kong dollars (HK$). During the 10-day trip, the HK$ steadily weakened against the peso. The exchange rate at December 31, 2019 was HK$1 equals P.48.
On January 5, 2020, the employee returned and submitted to the company treasurer HK$3,300 and receipts for HK$32,700 baht that he spent. On this date, the exchange rate was HK$1 equals P.42. Of the HK$32,700 spent during the trip, HK$17,100 had been spent by December 31, 2020.
Problem 1: Determine the foreign exchange gain or loss on December 31, 2019.
a) 378 loss
b) 8,298 loss
c) 1,022 loss
d) 549 loss
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