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Discomfort plc is a British company that reports in British pounds. It has a subsidiary in the USA which was partially financed by a loan of $0.70m was taken out on 1/10/W2 when the exchange rate was $2.16. At the year end the exchange rate was $2.08 per £1. The movement on the exchange translation reserve for the year has been calculated as £22,000. What is the amount of the exchange loss on the loan which can be taken to reserves? The amount is £________. |