Marshall Company sold supplies in the amount of €32,000 (euros) to a French company when the exchange rate was $1.28 per euro. At the time of payment, the exchange rate decreased to $0.89. Marshall must record a:
A. loss of $28,480.
B. gain of $28,480.
C. loss of $12,480.
D. gain of $12,480.
E. neither a gain nor loss.
Answer: C
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