Solution-What amount of foreign exchange gain or loss be

What amount of foreign exchange gain or loss be reflected

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Question - McCarthy, Inc.'s Brazilian subsidiary borrowed 117,000 euros on January 1, 2020. Exchange rates between the Brazilian real (BRL) and euro (€) and between the U.S. dollar ($) and BRL are as follows:

	BRL per €	US$ per BRL
January 1, 2020	BRL 4.20	$0.28
Average, 2020	BRL 4.30	$0.25
December 31, 2020	BRL 4.60	$0.20

Required - What amount of foreign exchange gain or loss should be reflected in McCarthy 2020 consolidated net income?

Reference no: EM133051947

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What amount of foreign exchange gain or loss be reflected

Reference no: EM133051947

Reference no: EM133051947

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