Providence Systems purchased inventory on account from Megasonic. The price was 100,000, and a yen was quoted

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Providence Systems purchased inventory on account from Megasonic. The price was

¥100,000, and a yen was quoted at $0.0088. Providence paid the debt in yen a month later, when the price of a yen was $0.0093. Providence

a. debited Inventory for $930.

b. recorded a Foreign Currency Transaction Gain of $50.

c. debited Inventory for $880.

d. none of the above.

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