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| On September 22, Year 1, Yumi Corp. purchased merchandise from an unaffiliated foreign company for 10,000 units of the foreign company’s local currency. On that date, the spot rate was $0.65Yumi paid the bill in full on March 20, Year 2, when the spot rate was $0.55 The spot rate was $0.70 on December 31, Year What amount should Yumi report as a foreign currency transaction loss in its income statement for the year ended December 31, Year 1? A. $0 B. $500 C. $1,000 D. $1,500 |