20) Waco's FCT gain or loss for 2004?*

Thanks

The following information is for the next 2 questions: Waco company, a US. corporation, acquired machinery for use in its operations from Lyon Manufacturing on october 2, 2003. The purchase price was 60.000 euros, payable in euros on January 15, 2004. Spot rates for euros on various dates are as follows: October 2, 2003 l euro = $1.05 December 31. 2003 l euro= $1.10 January 15, 2004 I euro = $ 1.08 At 10/02/03, what is the cost of the machinery? $60,000 $63,000 $64, 800 $66,000 Refer to the above information. What is Waco's "Foreign currency Transaction Gain (Loss)" for 2003? $300 gain $300 loss $1, 200 gain $1, 200 loss