On OCTOBER 4, 2020, SAMA Corporation borrowed 250,000 British pounds from a London bank, evidenced...
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On OCTOBER 4, 2020, SAMA Corporation borrowed 250,000 British pounds from a London bank, evidenced by an interest-bearing note payable due in one year. The note was payable in pounds. Exchange rates for pounds were: October 4, 2020..........................$1.59 December 31, 2020....................$1.55 October 4, 2021..........................$1.61 What is the final amount of the loan payable that SAMA repaid? What exchange gain or loss appeared on SAMA'S 2021 income statement?
On OCTOBER 4, 2020, SAMA Corporation borrowed 250,000 British pounds from a London bank, evidenced by an interest-bearing note payable due in one year. The note was payable in pounds. Exchange rates for pounds were:
October 4, 2020..........................$1.59
December 31, 2020....................$1.55
October 4, 2021..........................$1.61
What is the final amount of the loan payable that SAMA repaid?
What exchange gain or loss appeared on SAMA'S 2021 income statement?
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