On June 18, Wyman Company (a U.S. Company) sold merchandise to the Nielsen Company of Denmark for €80,000 (Euros), with a payment due in 60 days. If the exchange rate was $1.55 per euro on the date of sale and $1.34 per euro on the date of payment, Wyman Company should recognize a foreign exchange gain or loss in the amount of:
A. $16,800 loss.
B. $16,800 gain.
C. $80,000 gain.
D. $80,000 loss.
E. $107,200 loss.
Answer: A
Business
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