A Company Has a Foreign-Currency Transaction Gain of $500 and a Foreign-Currency

question 33

Multiple Choice

A company has a foreign-currency transaction gain of $500 and a foreign-currency transaction loss of $9500. How is this information reported on the income statement?

• A)Other Losses: Foreign-Currency Transaction Loss $9500 and Other Gains: Foreign-Currency Transaction Gain $500
• B)Other Losses: Foreign-Currency Transaction Loss, net $9000
• C)Other Comprehensive Loss: Foreign-Currency Transaction Loss $9500 and Other Comprehensive Income: Foreign-Currency Transaction Gain $500
• D)Other Comprehensive Loss: Foreign-Currency Transaction Loss, net $9000