Cedar Co., a U.S. corporation, sold inventory on December 1, 2023, with payment of 12,000 British...

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Cedar Co., a U.S. corporation, sold inventory on December 1, 2023, with payment of 12,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: Date December 1, 2023 December 31, 2023 Spot Rate (U.S. Dollar per British pound) $1.831 $1.976 January 30, 2024 $1.768 What amount of foreign exchange transaction gain or loss should be recorded on January 30, 2024? Cedar Co., a U.S. corporation, sold inventory on December 1, 2023, with payment of 12,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: Date December 1, 2023 December 31, 2023 Spot Rate (U.S. Dollar per British pound) $1.831 $1.976 January 30, 2024 $1.768 What amount of foreign exchange transaction gain or loss should be recorded on January 30, 2024?

Answer rating: 100% (QA)

To calculate the foreign exchange transaction gain or loss we need to compare the spot r... View the full answer