Assume That MAK Agrees to Purchase US$500,000 for C$550,000 on January

question 74

Multiple Choice

Assume that MAK agrees to purchase US$500,000 for C$550,000 on January 15,2013.The exchange rate at year end is US$1 = C$0.95 and the January 15,2013 exchange rate is US$1 = C$0.97.What journal entry is required at year end?

• A)0
• B)$65,000 loss.
• C)$75,000 gain.
• D)$75,000 loss.

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Definitions:

Rough-And-Tumble Play

A form of play that involves physical activities such as running, chasing, and play-fighting, commonly observed in children and considered important for development.

Social Hierarchy

The organization of individuals within a society based on various factors like status, wealth, or occupation, which defines their ranking or position.

Play Face

An expression typically observed in primates, including humans, indicating a readiness to engage in playful interactions.

Permissive

A parenting style characterized by low demands with high responsiveness.