An American company makes a credit purchase of goods from a company in London for 1,000 British pounds. On the date of purchase, the exchange rate was $1.65 per pound. However, on the date of payment, the rate had declined to $1.60 per pound. As a result, the American company would record
A) an exchange gain of $50.
B) an exchange loss of $1,600.
C) an exchange loss of $50.
D) no exchange gain or loss.
A
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