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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 1

Multiple Choice

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 2008 income statement? A) $1,000 gain. B) $1,000 loss. C) $2,000 gain. D) $2,000 loss. E) $8,000 loss.
-How much foreign exchange gain or loss should be included in Shannon's 2008 income statement?

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