If you are holding a note receivable denominated in Canadian dollars and the exchange rate changes from

Question:

If you are holding a note receivable denominated in Canadian dollars and the exchange rate changes from $1.35

(Canadian) for $1 (U.S.) to $1.25 (Canadian) for $1 (U.S.)

prior to collection, would you have a gain or loss?

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Hemstone Ouma

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