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Business, 27.03.2020 00:29 crimsonkiss

1. On October 25, 2020, a U. S. company sold merchandise on credit to a customer in Spain at an invoice price of €1,000, when the exchange rate was $1.25/€. On December 31, 2020, the U. S. company's year-end, the exchange rate was $1.257/€. On February 1, 2021, when the exchange rate was €1.23, the U. S. company received €1,000 in payment for the merchandise. The U. S. company's exchange gain or loss for 2020 is A. $20 gain B. $7 loss C. $20 loss D. $7 gain

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