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How much should it report as a foreign exchange gain

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Reference no: EM132739050

Question - Able Company had a receivable that is payable in the customer's local currency (a foreign currency). On December 31, 2020 Able correctly included this receivable of 300,000 local currency units (LCU) in its balance sheet at $165,000. When Able collected the receivable on February 15, 2021, the U.S. dollar equivalent was $185,000. In Able's 2020 consolidated income statement, how much should it report as a foreign exchange gain?

a. $-0-

b. $10,000

c. $20,000

d. $25,000

Reference no: EM132739050

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