Assume That Millan Agrees to Purchase US$100,000 for C$84,745 on January

question 71

Multiple Choice

Assume that Millan agrees to purchase US$100,000 for C$84,745 on January 15,2018.The exchange rate at year-end is US$1 = C$1.20 and the January 15,2018 exchange rate is US$1 = C$1.19.What journal entry is required at year-end?

• A) $701 loss.
• B) $701 gain.
• C) $1,412 loss.
• D) $1,412 gain.

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Definitions:

Genes

Segments of DNA located on chromosomes that encode for proteins and determine the inherited characteristics of organisms.

Chromosomes

Thread-like structures located inside the nucleus of animal and plant cells, made of protein and a single molecule of DNA, carrying genetic information.

Genes

Basic units of heredity that are made up of DNA and determine specific traits in organisms.

Mitosis

The process of cell division in eukaryotic cells that results in two genetically identical daughter cells.