REFERENCE: Ref.10_01 Westmore,Ltd.is a British Subsidiary of a U.S.company.Westmore's Functional Currency Is

question 24

Multiple Choice

REFERENCE: Ref.10_01
Westmore,Ltd.is a British subsidiary of a U.S.company.Westmore's functional currency is the pound sterling.The following exchange rates were in effect during 2008:
-Gunther Co.established a subsidiary in Mexico on January 1,2008.The subsidiary engaged in the following transactions during 2008:

What amount of foreign exchange gain or loss would have been recognized on Gunther's consolidated income statement for 2008?

• A)$200,400 loss.
• B)$90,000 loss.
• C)$226,000 loss.
• D)$235,600 loss.
• E)$250,000 loss.

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