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28. Flynn Corporation purchased bicycles from a British manufacturer at a price of 45,000 British pounds on November 15, 2009, with payment due in 60
28. Flynn Corporation purchased bicycles from a British manufacturer at a price of 45,000 British pounds on November 15, 2009, with payment due in 60 days. Using the following exchange rates, what gain or loss from currency fluctuations should be recognized in 2009 and 2010? A. A $2,250 loss in 2009 and a $900 gain in 2010. B. No gain or loss in 2009 and a $1,350 loss in 2010. C. A $2,250 gain in 2009 and a $900 loss in 2010. D. No gain or loss in 2009 and a $1,350 gain in 2010.
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