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How much was the foreign currency exchange gain or loss

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Question - Garland Corporation (USA) purchased goods on account for 1,000 Swiss francs. On the date of purchase, the spot rate for the Swiss franc was $0.70. By the time the corporation settled its obligation, the spot rate had fallen to $0.65 per Swiss franc. How much was the foreign currency exchange gain or loss?

Reference no: EM132522893

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