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Business, 19.04.2021 20:30 Valrom

On November 2, 2018, a U. S.-based company with the $US as its functional currency entered into a 90-day futures contract to purchase 90,000 Swiss francs when the contract quote was $1.10. The purchase was for speculation in price movement. The following exchange rates existed during the contract period: 30 Day FuturesSpot Rate November 2, 2018$1.04$1.05 December 31, 2018$1.06$1.08 January 31, 2019$1.07$1.09 What amount should the U. S.-based company report as foreign currency exchange loss in its income statement for the year ended December 31, 2018

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