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:32. (Note: Question 32 is a Kaplan CPA Review Question) Sphinx Co. (Sphinx) records its transactions in US. dollars. A sale of goods resulted in
:32. (Note: Question 32 is a Kaplan CPA Review Question) Sphinx Co. (Sphinx) records its transactions in US. dollars. A sale of goods resulted in a receivable denonnrh ted in Japanese yen} and a purchase of goods resulted in a payable denonuna' ted in Euros. Sphinx recorded a foreign exchange transaction gain on collection of the receivable and an exchange transaction loss on the settlement of the payable. The exchange rates are expressed as so many units of foreign currency to one dollar. Did the number of foreign. currenc}r units exchangeable for a dollar increase or decrease between the contract and settlement dates? I _ lam l _
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