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assuming no forward contract was entered into, how much foreign exchange gain or loss should Reiter report on its Year 1 income statement with regard

assuming no forward contract was entered into, how much foreign exchange gain or loss should Reiter report on its Year 1 income statement with regard to this transaction? (a) A $5,000 gain (b) A $3,000 gain (c) A $2,000 loss (d) A $1,000 loss

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