Car Corp. (a U.S.-based company) sold parts to a Korean customer on December 16, 2018, with payment of 10 million Korean won to be received on January 15, 2019. The following exchange rates applied:DateSpot RateForward Rate to Jan.15December 16, 2018$0.00092 $0.00098 December 31, 2018 0.00090 0.00093 January 15, 2019 0.00095 0.00095 ?Assuming a forward contract was entered into on December 16, what would be the net impact on Car Corp.'s 2019 income statement related to this transaction?
A. $500(loss).
B. $500 (gain).
C. $0.
D. $300 (loss).
E. $300 (gain).
Answer: E
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The University of California–Los Angeles has a Statistical Calculators page that includes almost every type of calculator table you will need through any statistics course you might take.