On November 16, 2016, Wik of the United States sold inventory items to Can of Canada for

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On November 16, 2016, Wik of the United States sold inventory items to Can of Canada for 90,000 Canadian dollars, to be paid on February 14, 2017. Exchange rates for Canadian dollars on selected dates are as follows:

November 16, 2016 ..............$0.80

December 31, 2016 ...............$0.84

February 14, 2017 ................$0.83

REQUIRED:

Determine the exchange gain or loss on the sale to Can to be included in Wik's income statement for the years 2016 and 2017.

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Advanced Accounting

ISBN: 978-0134472140

13th edition

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

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Question Posted: Feb 28, 2017 12:11 PM

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On November 16, 2016, Wik of the United States sold inventory items to Can of Canada for

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Advanced Accounting

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