Hunt Co.purchased merchandise for 300,000 British pounds from a vendor in London on November 30,20X1.Payment in British pounds was due on January 30,20X2.The exchange rates to purchase one pound were as follows:

In its December 31,Year One,income statement,what amount should Hunt report as foreign exchange gain?

Question

Hunt Co.purchased merchandise for 300,000 British pounds from a vendor in London on November 30,20X1.Payment in British pounds was due on January 30,20X2.The exchange rates to purchase one pound were as follows:

In its December 31,Year One,income statement,what amount should Hunt report as foreign exchange gain?

Quizplus · Accepted Answer

The Answer of Hunt Co.purchased merchandise for 300,000 British pounds from a vendor in London on November 30,20X1.Payment in British pounds was due on January 30,20X2.The exchange rates to purchase one pound were as follows:

In its December 31,Year One,income statement,what amount should Hunt report as foreign exchange gain?

Hunt Copurchased Merchandise for 300,000 British Pounds from a Vendor in in London