On July 1, 2020, Mifflin Company borrowed 240,000 euros from a foreign lender evidenced by an...

 

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On July 1, 2020, Mifflin Company borrowed 240,000 euros from a foreign lender evidenced by an interest-bearing note due on July 1, 2021. The note is denominated in euros. The U.S. dollar equivalent of the note principal is as follows: Date July 1, 2020 (date borrowed) Amount $245,000 December 31, 2020 (Mifflin's year-end) July 1, 2021 (date repaid) 237,100 226,900 In its 2021 income statement, what amount should Mifflin include as a foreign exchange gain or loss on the note? On July 1, 2020, Mifflin Company borrowed 240,000 euros from a foreign lender evidenced by an interest-bearing note due on July 1, 2021. The note is denominated in euros. The U.S. dollar equivalent of the note principal is as follows: Date July 1, 2020 (date borrowed) Amount $245,000 December 31, 2020 (Mifflin's year-end) July 1, 2021 (date repaid) 237,100 226,900 In its 2021 income statement, what amount should Mifflin include as a foreign exchange gain or loss on the note?