On June 18, Wyman Company (a U.S. Company) sold merchandise to the Nielsen Company of Denmark for €85,000 (Euros), with a payment due in 60 days. If the exchange rate was $1.60 per euro on the date of sale and $1.39 per euro on the date of payment, Wyman Company should recognize a foreign exchange gain or loss in the amount of:
A. $85,000 loss.
B. $17,850 gain.
C. $118,150 loss.
D. $85,000 gain.
E. $17,850 loss.
Answer: E
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