Use the Following Information to Answer the Question(s) Below

question 7

Multiple Choice

Use the following information to answer the question(s) below.

On October 4, 2014, Sooty Corporation borrowed 250,000 British pounds from a London bank, evidenced by an interest-bearing note payable due in one year. The note was payable in pounds. Exchange rates for pounds were:

-What exchange gain or loss appeared on Sooty's 2015 income statement?

• A)a loss of $15,000
• B)a loss of $5,000
• C)a gain of $15,000
• D)a gain of $5,000

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Definitions:

Type A Personality

A personality type characterized by competitiveness, urgency, aggression, and an excessive struggle to achieve more in less time.

Heart Disease

Heart disease encompasses a range of conditions affecting the heart, including coronary artery disease, heart attacks, congestive heart failure, and congenital heart defects.

Incidence

The occurrence, rate, or frequency of a disease, crime, or something else undesirable within a specified area or group.

Type A Behavior

A pattern of behavior associated with higher risk of coronary heart disease and characterized by aggressiveness, competitiveness, impatience, and a constant sense of urgency.