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How much should juan report as foreign currency gain

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Reference no: EM132737741

Problem 1: June, a Philippine Corporation, bought inventory items from a supplier in Germany on November 5, 2020 for 100,000 marks, when the spot rate was P21. At Juan's December 31, 2020, year end, the spot rate was P20.5. On January 15, 2021, Juan bought 100,000 marks at the spot rate of P20.90 and paid the invoice. How much should Juan report as foreign currency gain/loss in its income statement for the year ended December 31, 2021?

Reference no: EM132737741

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