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Category > Accounting Posted 09 May 2017 My Price 5.00

Houghton Company borrowed 200,000 euros

On July 1, 2015, Houghton Company borrowed 200,000 euros from a foreign lender evidenced by an interest-bearing note due on July 1, 2016. The note is denominated in euros. The U.S. dollar equivalent of the note principal is as follows:

In its 2016 income statement, what amount should Houghton include as a foreign exchange gain or loss on the note?

a. $35,000 gain.

b. $35,000 loss.

c. $10,000 gain.

d. $10,000 loss .

 

Answers

Alpha Geek
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Status NEW Posted 09 May 2017 11:05 AM My Price 5.00

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file 1494330224-Answer.docx preview (118 words )
O-----------n J-----------uly----------- 1,----------- 20-----------15,----------- Ho-----------ugh-----------ton----------- Co-----------mpa-----------ny -----------bor-----------row-----------ed -----------200-----------,00-----------0 e-----------uro-----------s f-----------rom----------- a -----------for-----------eig-----------n l-----------end-----------er -----------evi-----------den-----------ced----------- by----------- an----------- in-----------ter-----------est------------be-----------ari-----------ng -----------not-----------e d-----------ue -----------on -----------Jul-----------y 1-----------, 2-----------016-----------. T-----------he -----------not-----------e i-----------s d-----------eno-----------min-----------ate-----------d i-----------n e-----------uro-----------s. -----------The----------- U.-----------S. -----------dol-----------lar----------- eq-----------uiv-----------ale-----------nt -----------of -----------the----------- no-----------te -----------pri-----------nci-----------pal----------- is----------- as----------- fo-----------llo-----------ws:----------- ----------- In----------- it-----------s 2-----------016----------- in-----------com-----------e s-----------tat-----------eme-----------nt,----------- wh-----------at -----------amo-----------unt----------- sh-----------oul-----------d H-----------oug-----------hto-----------n i-----------ncl-----------ude----------- as----------- a -----------for-----------eig-----------n e-----------xch-----------ang-----------e g-----------ain----------- or----------- lo-----------ss -----------on -----------the----------- no-----------te?----------- a-----------. $-----------35,-----------000----------- ga-----------in.----------- b-----------. $-----------35,-----------000----------- lo-----------ss.----------- c-----------. $-----------10,-----------000----------- ga-----------in.----------- d-----------. $-----------10,-----------000----------- lo-----------ss -----------. ----------- A-----------nsw-----------er
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