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When the functional currency of a foreign operation is the U.S. dollar, transaction gains and losses resulting from remeasuring foreign currency financial statements into U.S.

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When the functional currency of a foreign operation is the U.S. dollar, transaction gains and losses resulting from remeasuring foreign currency financial statements into U.S. dollars should be recognized in The income statement for losses but a deferred item in the balance sheet for gains. A deferred item in the balance sheet. Current earnings in the income statement. Other comprehensive incomel

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