_____ On 9/30/06, a domestic importer acquired inventory from an Italian firm for 100,000 euros. On that date, the direct spot rate was $.90. At l2/31/06, the direct spot rate was $.85. On l/7/07, when the direct spot rate was $.93, the domestic importer made full payment of 100,000 euros. In the importer's 2006 financial statements, what should be reported as an FX gain or loss?

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The Answer of _____ On 9/30/06, a domestic importer acquired inventory from an Italian firm for 100,000 euros. On that date, the direct spot rate was $.90. At l2/31/06, the direct spot rate was $.85. On l/7/07, when the direct spot rate was $.93, the domestic importer made full payment of 100,000 euros. In the importer's 2006 financial statements, what should be reported as an FX gain or loss?

_____ on 9/30/06, a Domestic Importer Acquired Inventory from an Italian