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How much should it report as a foreign exchange loss

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Reference no: EM131789256

Question - Post Inc., had a receivable from a foreign customer that is payable in the customer's local currency. On December 31, 2011, Post correctly included this receivable for 200,000 local currency units (LCU) in its balance sheet at $110,000. When Post collected the receivable on February 15, 2012, the U.S. dollar equivalent was $95,000. In Post's 2012 consolidated income statement, how much should it report as a foreign exchange loss?

a) $0

b) $10,000

c) $15,000

d) $25,000

Reference no: EM131789256

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