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_valmarie _valmarie
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6 years ago
On January 1st, 20x2, ABC Inc. had invoiced a client in New York for $10,000 US for
services rendered that day. ABC did not hedge this receivable. The receivable is due in
60 days. On January 1st, 20x2, the spot rate was $1US=$1.02CDN. On January 31st,
20x2, the spot rate was $1US=$1.05CDN. What is the effect of the above information on
ABCs January financial statements?
A) A $300 foreign exchange gain.
B) A $300 foreign exchange loss.
C) A $300 credit to OCI.
D) A $300 debit to OCI.
Textbook 
Intermediate Accounting, Volume 2

Intermediate Accounting, Volume 2


Edition: 5th
Authors:
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kiara23247843kiara23247843
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_valmarie Author
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marking this SOLVED
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Monkey
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