An American Company Makes a Credit Purchase of Goods from a Company

question 113

Multiple Choice

An American company makes a credit purchase of goods from a company in London for $1,000.On the date of purchase,the exchange rate was $1.50 per pound.However,on the date of payment,the rate had risen to $1.55 per pound.As a result,the American company would record

• A)an exchange gain of $50.
• B)an exchange loss of $1,550.
• C)an exchange loss of $50.
• D)no exchange gain or loss.

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