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Kim Manufacturing purchased on credit 20,000 worth of parts from a British company when the exchange rate was $1.66 per British pound. At the year-end

Kim Manufacturing purchased on credit 20,000 worth of parts from a British company when the exchange rate was $1.66 per British pound. At the year-end balance sheet date the exchange rate increased to $1.69. Kim must record a gain of $600. True False

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