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 balance sheet at $110,000 When Brief collected the receivable on February 15, 2018, the U S dollar equivalent was $120,000 In Brief 's 2018 consolidated income statement , how much should it report as a foreign exchange gain a $ 0 b $10,000 c $15,000 d $25,000

Question: 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

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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