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On October 15,2014,Napole Corporation,a French company,ordered merchandise listed on the internet for 20,000 Euros from Adams Corporation,a U.S.corporation.The euro rate was $1.20 (U.S.dollars)on October 15.On November 15,2014 Adams shipped the goods and billed Napole the purchase price of 20,000 Euros when the euro rate was $1.30.Napole paid the bill on December 10,2014,and Adams immediately exchanged the 20,000 Euros for U.S.dollars when the Euro rate was $1.28 on December 10,2014.
Required:
Compute the foreign currency gain or loss on the December 31,2014 financial statements of Adams and show the related journal entries.
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