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On Aprl 1, 2017, Shannon Company, a U.S. company, borrowed 100,000 euros from a foreign bank by signing an Interest- bearing note due April 1,
On Aprl 1, 2017, Shannon Company, a U.S. company, borrowed 100,000 euros from a foreign bank by signing an Interest- bearing note due April 1, 2018. The dollar value of the loan was as follows: Date April 1, 2817 December 31, 2817 April 1, 2018 Amount $ 97,880 183,8ee 185,88e How much foreign exchange galn or loss should be Included In Shannon's 2017 income statement? How much foreign exchange gain or loss should be Included In Shannon's 2017 Income statement? Multiple Cholce $3,000 gan $3,000 loss. $6,000 galn $6,000 loss. $7,000 galn
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