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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