Question 11

On December 1, 2030, Asahi Inc., a Philippine company, purchased inventory worth $100,000 from a U.S supplier, payable within 30 days. Asahi Inc. issued a 30-day notes payable in U.S dollars. On December 31, 2030, it paid the note. The following are the relevant exchange rates: How much is the foreign exchange gain or loss on the transaction?

Select one:

P10 gain

P12 gain

P7,000 loss

P5,000 loss