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REFERENCE: Ref.09_05 On April 1,2007,Shannon Company,a U.S.company,borrowed 100,000 Euros from a Foreign

question 9

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REFERENCE: Ref.09_05
On April 1,2007,Shannon Company,a U.S.company,borrowed 100,000 euros from a foreign lender by signing an interest-bearing note due April 1,2008.The dollar value of the loan was as follows: REFERENCE: Ref.09_05 On April 1,2007,Shannon Company,a U.S.company,borrowed 100,000 euros from a foreign lender by signing an interest-bearing note due April 1,2008.The dollar value of the loan was as follows:   -How much foreign exchange gain or loss should be included in Shannon's 2007 income statement? A) $3,000 gain. B) $3,000 loss. C) $6,000 gain. D) $6,000 loss. E) $7,000 gain.
-How much foreign exchange gain or loss should be included in Shannon's 2007 income statement?

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