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State how bow should report the impact

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On November 30, 2015, Bow Company received with a cost denominated in pounds. During December 2015 the dollar's value declined relative to the pound. Bow believe that the original exchange rate will be restored by the time payment is due in 2016.

REQUIRED:

Question 1: State how Bow should report the impact, if any, of the changes in the exchange rate of the dollar and the pound on its 2015 financial statement.

Question 2: Explain why reporting is appropriate?

Reference no: EM132496095

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