In its December 31, 2006, income statement, what amount should Hunt report as foreign exchange…


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In its December 31, 2006, income statement, what amount should Hunt report as foreign exchange… 1 answer below » Hunt Co. purchased merchandise for £300,000 from a vendor in London on November 30, 2006. Payment in British pounds was due on January 30, 2007. The exchange rates to purchase one pound were as follows: align=”left”> November 30, 2006 December 31, 2006 Spot-rate $1.65 $1.62 30-day rate 1.64 1.59 60-day rate 1.63 1.56 In its December 31, 2006, income statement, what amount should Hunt report as foreign exchange transaction gain as part of net income? $12,000 $ 9,000 $ 6,000 $0 Jun 10 2014 04:58 PM

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