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On November 1, 2019, Monica USA acquired goods from Monika Germany for 500,000 euro. The settlement date is April 1, 2020. Monica USA has a
On November 1, 2019, Monica USA acquired goods from Monika Germany for 500,000 euro. The settlement date is April 1, 2020. Monica USA has a fiscal year-end of December 31 and uses USD as its functional and reporting currency. Spot rate November 1, 2019 0.885 euro Spot rate December 31, 2019 0.869 euro Spot rate April 1, 2020 0.900 euro Gain (g) or Loss (L) cell not applicable Numerical Amount Determine Monica USA's accounts payable balance on the 2019 balance sheet date. Determine Monica USA's foreign exchange gain or loss on the 2019 financial statements. Determine Monica USA's foreign exchange gain or loss on the 2020 financial statements. Determine Monica USA's cumulative foreign exchange gain or loss related to this transaction
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