Question: Peerless Corporation ( a U . S . company ) made a sale to a foreign customer on December 1 5 , 2 0 X
Peerless Corporation a US company made a sale to a foreign customer on December X for crowns. It received payment on January X The following exchange rates for crown apply:
December $
December
January
How does the fluctuation in exchange rates affect Peerless's X income statement?
$ loss
$ loss
$ gain
$ gain
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