Norton Co., a U.S. corporation, sold inventory on December 1, 2018, with payment of 10,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: Dec. 1Spot rate:$1.7241 Dec. 31Spot rate:$1.8182 Jan. 30Spot rate:$1.6666 ?What amount of foreign exchange gain or loss should be recorded on December 31?
A. $941 gain.
B. $300 loss.
C. $300 gain.
D. $0.
E. $941 loss.
Answer: A
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