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22. Lorien Company is a U.S. consulting company that keeps its financial records in U.s. dollars. mber 1 of Year 1, Lorien provided consulting services
22. Lorien Company is a U.S. consulting company that keeps its financial records in U.s. dollars. mber 1 of Year 1, Lorien provided consulting services to a Thai company on account. The fee for the services was 500,000 Thai baht. Lorien COLlecteD the cash, in Thai baht, March 1 of Year 2. The exchange rate for the Thai baht (relative to the U.S. dollar) was as follows on the indicated dates November 1, Year l hone Thai baht = S0.020 [December 31, Year 1 bne Thai baht = S0.015 March 1, Year 2 lone Thai baht $0.018 Assume that are recorded correctly. What amount of FOREIGN EXCHANGE gain or loss should Lorien report for Year 2? Lorien has no other foreign currency transactions and that all necessary journal entries
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