Kim Manufacturing purchased on credit £20,000 worth of parts from a British company when the exchange rate was $1.66 per British pound. At the year-end balance sheet date, the exchange rate increased to $1.69. Kim must record a gain of $600.
Answer the following statement true (T) or false (F)
False
| Value of liability at date of purchase: | £20,000 × $1.66/£ = | $ | 33,200 | ||
| Value of liability at balance sheet date: | £20,000 × $1.69/£ = | 33,800 | |||
| Loss | $ | 600 |
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