Car Corp (A U

question 30

Multiple Choice

Car Corp. (a U.S.-based company) sold parts to a Korean customer on December 16, 2011, with payment of 10 million Korean won to be received on January 15, 2012. The following exchange rates applied:

Assuming a forward contract was not entered into, what would be the net impact on Car Corp.'s 2011 income statement related to this transaction?

• A) $500 (gain).
• B) $500 (loss).
• C) $200 (gain).
• D) $200 (loss).
• E) $- 0 -

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