Whalen Mining,a U.S company,purchases products from a British company for £1,000,000.Between the dates of purchase and payment,the exchange value of the pound decreased from $2.00 to $1.90.Compute Whalen Mining's exchange gain or loss.Where would the gain or loss be reported?

Question

Quizplus · Accepted Answer

The Answer of Whalen Mining,a U.S company,purchases products from a British company for £1,000,000.Between the dates of purchase and payment,the exchange value of the pound decreased from $2.00 to $1.90.Compute Whalen Mining's exchange gain or loss.Where would the gain or loss be reported?