Brief, Inc., had a receivable from a foreign customer that is payable in the customer's local currency.

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Brief, Inc., had a receivable from a foreign customer that is payable in the customer's local currency. On December 31, 2017, Brief correctly included this receivable for 200,000 local currency units (LCU) in its at $110,000. When Brief collected the receivable on February 15, 2018, the U.S. dollar equivalent was $120,000. In Brief's 2018 , how much should it report as a foreign exchange gain?
a. $-0-
b. $10,000
c. $15,000
d. $25,000
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Fundamentals of Advanced Accounting

ISBN: 978-1259722639

7th edition

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

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Question Posted: Jul 14, 2017 10:22 AM

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Brief, Inc., had a receivable from a foreign customer that is payable in the customer's local currency.

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B Calculate foreign exchange gainloss on foreign cur...View the full answer

Fundamentals of Advanced Accounting

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