On November 1, 2020, Mia Corporation acquired on account goods from a foreign supplier at a cost of $3,000....

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On November 1, 2020, Mia Corporation acquired on account goods from a foreign supplier at a cost of $3,000. The accounts payable are paid on February 14, 2021. On December 1, 2020, Mia Corporation sold on account goods to a foreign customer at a selling price of $4,500. The accounts receivable is collected on March 22, 2021. The entity is operating in Philippine economy wherein the functional currency is the Philippine Peso. The following exchange rates are provided: November 1, 2020 December 1, 2020 December 31, 2020 Buying spot rate Selling spot rate P42 40 47 P40 39 45 1. What is the carrying amount of monetary asset on December 31, 2020? 2. What is the carrying amount of monetary liability on December 31, 2020? 3. In the 2020 Income Statement, what amount of net foreign exchange gain or loss will be reported by Mia Corporation?

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To determine the carrying amounts of the monetary asset and monetary liability on December 31 2020 as well as the net foreign exchange gain or loss in View the full answer