Question

Entity A, a government entity, acquires a machine for $10,000 on November 1, 20x1, on account, and settles the account on January 3, 20x2. The machine is estimated to have a useful life of 5 years and a residual value of 5% of cost. Entity A uses the straight line method of depreciation. The exchange rates are as follows: November 1, 20x1 $1:P50; December 31, 20x1 $1:P40; January 3, 20x2 $1:245. How much is the net
foreign exchange gain (loss) recognized in surplus or deficit from the transaction?

a. 10,000
b. (5,000)
c. 5,000
d. (10,000)​

Answer 1

Explanation:

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