Mother Co., a U.S. corporation, sold inventory on credit to a British company on December 1, 2011. Mother received payme

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Mother Co A U S Corporation Sold Inventory On Credit To A British Company On December 1 2011 Mother Received Payme 1 (99.38 KiB) Viewed 19 times

Mother Co., a U.S. corporation, sold inventory on credit to a British company on December 1, 2011. Mother received payment of 20,000 British pounds on February 1, 2012. The exchange rate was £1 = $1.54 on Dec 1, 2011; £1 = $1.49 on Dec 31, 2011 and £1 = 1.52 on Feb 1,2012. What amount of foreign exchange gain or loss should be recognized on Feb 1, 2012? O $600 gain O $1,000 loss O $ 400 gain O $ 400 loss