- Study guides, Class notes & Summaries

Dale Inc., a U.S. company, bought machine parts from a German company on March 1, 20X1, for €30,000, when the spot rate for euros was $0.4895. Dale's year-end was March 31, when the spot rate was $0.4845. On April 20, 20X1, Dale paid the liability with €30,000 acquired at a rate of $0.4945. *Dale's income statements should report a foreign exchange gain or loss for the years ended March 31, 20X1 and 20X2 of* 20X1: $150 Gain 20X2: $300 Loss Marvin Company's receivable from a foreig...