Question: On April 1 , 2 0 2 3 , Shannon Company, a U . S . company, borrowed 1 0 0 , 0 0 0

On April 1,2023, Shannon Company, a U.S. company, borrowed 100,000 euros from a foreign bank by signing an interest-bearing note due April 1,2024. The dollar value of the loan was as follows:
DateAmountApril 1,2023$ 97,000December 31,2023103,000April 1,2024105,000
How much foreign exchange gain or loss should be included in Shannons 2024 income statement?
Multiple Choice
$8,000 loss
$1,000 gain
$2,000 gain
$1,000 loss
$2,000 loss
On April 1,2023, Shannon Company, a U.S. company, borrowed 100,000 euros from a foreign bank by signing an interest-bearing note due April 1,2024. The dollar value of the loan was as follows:
DateAmountApril 1,2023$ 97,000December 31,2023103,000April 1,2024105,000
How much foreign exchange gain or loss should be included in Shannons 2024 income statement?
Multiple Choice
$8,000 loss
$1,000 gain
$2,000 gain
$1,000 loss
$2,000 loss

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