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Cheryl enters into a contract with Gabe.In this contract,Cheryl asks Gabe to pay the money he owes her from the contract to her friend Leah because Leah is having financial troubles.Leah is
Gain Or Loss
A financial result that indicates the difference between the sale price of an asset and its original purchase price.
Functional Currency
The primary currency of the main economic environment in which an entity operates.
Asset And Liability Account Balances
The respective values of a company's current and non-current assets, and its current and long-term liabilities at a point in time.
Local Currency
Refers to the legal tender or official currency that is used within a country's borders.
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