Kreighton Manufacturing purchased on credit £56,000 worth of production materials from a British company when the exchange rate was $2.03 per British pound. At the year-end balance sheet date the exchange rate increased to $2.82. If the liability is still unpaid at that time, Kreighton must record a:
A. gain of $44,240.
B. loss of $157,920.
C. loss of $44,240.
D. gain of $157,920.
E. neither a gain nor loss.
Answer: C
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