37

Winston Corp., a U.S.company, had the following foreign currency transactions during 2021: (1) Purchased merchandise from a foreign supplier on July 16, 2021 for the U.S. dollar equivalent of $47,000 and paid the involce on August 3, 2021 at the U.S. dollar equivalent of $54,000 (2.) On October 15, 2021 borrowed the U.S. dollar equivalent of $315,000 evidenced by a non-interest-bearing note payable in euros on October 15, 2022. The U.S. dollar equivalent of the note amount was $295,000 on December 31, 2021, and $299,000 on October 15, 2022 What amount should be included as a foreign exchange gain or loss from the two transactions for 2022? Multiple Choice $4.000 gain $4,000 loss $2,000 loss $1.000 loss 2022. The U.S. dollar equivalent of the note amount was $295,000 on December 31, 2021, and $299,000 on October 15, 2022. What amount should be included as a foreign exchange gain or loss from the two transactions for 20227 Multiple Choice $4.000 gain $4,000 loss $2,000 loss $1000 loss $1000 gain