Use for the questions 84 and 85 — On October 2, 20X4, Duck
Use for the questions 84 and 85 — On October 2, 20X4, Duck… Use for the questions 84 and 85 — On October 2, 20X4, Duck Corporation borrowed 150,000 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 was: October 2, 20X4 $1.60December 31, 20X4 $1.62Sept. 30 – October 2, 20X5 $1.56 84. What exchange gain or loss appeared on Duck’s income statement for calendar year 20X4? A. a loss of $6,000.B. a loss of $3,000.C. a gain of $3,000.D. a gain of $6,000. 85. What is the final amount of the loan payable that buck showed on its books, in dollars, just before it repaid the loan (books are adjusted quarterly)? A. $234,000.B. $236,000.C. $240,000.D. $243,000. Accounting Business Financial Accounting ACG 6257
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