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Business, 13.10.2021 21:00 QueenBlumple4443

Parker Corp., a U. S. company, had the following foreign currency transactions during 2021: 1. Purchased merchandise from a foreign supplier on July 5, 2021 for the U. S. dollar equivalent of $80,000 and paid the invoice on August 3, 2021 at the U. S. dollar equivalent of $82,000.
2. On October 1, 2021 borrowed the U. S. dollar equivalent of $872,000 evidenced by a non-interest-bearing note payable in euros on October 1, 2022. The U. S. dollar equivalent of the note amount was $860,000 on December 31, 2021, and $881,000 on October 1, 2022.

Required:
What amount should be included as a foreign exchange gain or loss from the two transactions for 2021?

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Parker Corp., a U. S. company, had the following foreign currency transactions during 2021: 1. Pur...

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