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Business, 07.08.2019 05:20 trellizzz

On july 1, 2015, houghton company borrowed 250,000 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: date amount july 1, 2015 (date borrowed) $220,000 december 31, 2015 (houghton’s year-end) 270,000 july 1, 2016 (date repaid) 277,000 in its 2016 income statement, what amount should houghton include as a foreign exchange gain or loss on the note?

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On july 1, 2015, houghton company borrowed 250,000 euros from a foreign lender evidenced by an inter...
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