Business, 31.07.2020 03:01 ronaldo22

1. Gate Inc. had a $30,000 credit adjustment for the year ended December 31, 20X2, from restating its foreign subsidiary’s accounts from their local currency units into U. S. dollars. Additionally, Gate had a receivable from a foreign customer payable in the customer’s local currency. On December 31, 20X1, this receivable for 200,000 local currency units (LCU) was correctly included in Gate’s balance sheet at $110,000. When the receivable was collected on February 15, 20X2, the U. S. dollar equivalent was $120,000. In Gate’s 20X2 consolidated income statement, how much should be reported as foreign exchange gain in computing net income?

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1. Gate Inc. had a $30,000 credit adjustment for the year ended December 31, 20X2, from restating it...