Question: In its income statement , what amount should X report as foreign exchange transaction gain ( loss ) ? as default Question 22. X Co.

In its income statement , what amount should X report as foreign exchange transaction gain ( loss ) ?

as default Question 22. X Co. purchased merchandise for 300,000 pounds from a vendor in London on November 30, 2020. Payment in British pounds was due on January 30, 2021. The exchange rates to purchase one pound were as follows: November 30,2020 December 31,2020 January30, 2021 Spot-rate P71.11 P71.00 P71.50 30-day rate 75.00 73.00 72.00 60-day rate 74.50 75.00 -. 75.12 In its income statement, what amount should X report as foreign exchange transaction gain (loss) ? 2020 2021 A. P33,000 (P 150,000) B. (33,000) 150,000 C. 600,000 300,000 D. (150,000) (36,000)

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