19. Which of the following statements is not true?

a. Gains and losses arising from remeasurement are reflected in current income.

b. Cost of Goods Sold is not computed as the product of the foreign currency amount and an exchange rate.

c. There is no cumulative translation adjustment arising from the remeasurement process.

d. Remeasurement gains and losses are reflected in Other Comprehensive Income (OCI).

20. Gunther concluded that the subsidiary's functional currency was the dollar. Exchange rates for 2018 were:

Jan.	1	1	peso	=	$	0.20
	31	1	peso	=	$	0.19
Dec.	31	1	peso	=	$	0.16
Weighted average rate for the year		1	peso	=	$	0.18
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What amount of foreign exchange gain or loss would have been recognized in Gunther's consolidated income statement for 2018?

A) $440,000 loss.

B) $320,000 loss.

C) $280,000 loss.

D) $800,000 gain.

E) $760,000 gain.