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On December 1, 2017, Joe USA sold a machine to Jose Mexico for 1,000,000 Peso. The settlement date is March 1, 2018. Joe USA has
On December 1, 2017, Joe USA sold a machine to Jose Mexico for 1,000,000 Peso. The settlement date is March 1, 2018. Joe USA has a fiscal year-end of December 31 and uses USD as its functional and reporting currency. Spot rate December 1, 2017 $0.100 Spot rate December 31, 2017 $0.105 Spot rate March 1, 2018 $0.095 Numerical Amount Gain (g) or Loss (L) Determine Joe USA's accounts receivable balance on the 2017 balance sheet cell not applicable date. Determine Joe USA's foreign exchange gain or loss on the 2017 financial statements. Determine Joe USA's foreign exchange gain or loss on the 2018 financial statements. Determine Joe USA's cumulative foreign exchange gain or loss related to this transaction
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