Norton Co., a U.S. corporation, sold inventory on December 1, 2018, with payment of 10,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: Dec. 1Spot rate:$1.7241 Dec. 31Spot rate:$1.8182 Jan. 30Spot rate:$1.6666 ?What amount of foreign exchange gain or loss should be recorded on January 30?
A. $1,516 gain.
B. $575 loss.
C. $500 gain.
D. $500 loss.
E. $1,516 loss.
Answer: E
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