Finish attempt ... MC7-18 Rand.05 Question 4 Not complete Marked out of 5.00 O$480 O$360 O$(480) O$(360) Recognizing foreign currency exchange losses On September 3, 2018, a U.S.-based company with the $US as its functional currency purchased merchandise for 12,000 units of the foreign company's local currency. On that date, the spot rate was $1.41. The U.S.-based company paid the bill in full on February 15, 2019, when the spot rate was $1.38. The spot rate was $1.37 on December 31, 2018. What amount should the U.S.-based company report as a foreign currency transaction gain (loss) in its income statement for the year ended December 31, 2018? Check Previous P Flag question Save Answers eBook B Print