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On January 1,2013,Canadian Music International (CMI),a manufacturer of high-end recording equipment based in Toronto,shipped $120,000 worth of inventory to its main U.S.distributor in Chicago,with full payment of these goods to be paid by February 28,2013.CMI has a January 31 year end.A list of significant dates and exchange rates is shown below. The invoice price billed by CMI was $120,000 U.S.
-What is the amount of CMI's foreign exchange gain or loss at year-end?

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On January 1,2013,Canadian Music International (CMI),a manufacturer of high-end recording equipment based in Toronto,shipped $120,000 worth of inventory to its main U.S.distributor in Chicago,with full payment of these goods to be paid by February 28,2013.CMI has a January 31 year end.A list of significant dates and exchange rates is shown below.  The invoice price billed by CMI was $120,000 U.S.
-What is the amount of CMI's foreign exchange gain or loss at year-end?

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On January 1,2013,Canadian Music International (CMI),a manufacturer of high-end recording equipment based in Toronto,shipped $120,000 worth of inventory to its main U.S.distributor in Chicago,with full payment of these goods to be paid by February 28,2013.CMI has a January 31 year end.A list of significant dates and exchange rates is shown below.  The invoice price billed by CMI was $120,000 U.S.
-What is the amount of CMI's foreign exchange gain or loss at year-end?

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