Has your company made a gain or a loss

Reference no: EM13284046

You are the vice president of International InfoXchange headquarted in Chicago, Illinois. All shareholder of the firm live in the United States. Earlier this month you obtained a loan of 5 million Canadian dollars from a bank in Toronto to finance the construction of a new plant in Montreal. At the time the loan was received, the exchange rate was $1.04 to the Canadian dollar. By the end of the month, it has unexpectedly dropped to 94 cents. Has your company made a gain or a loss as a result, and by how much?

Reference no: EM13284046

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