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On December 5, 2016, Goose Corporation, a US firm, bought inventory items from Grebes Corporation...

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Accounting

On December 5, 2016, Goose Corporation, a US firm, bought inventory items from Grebes Corporation of Norway for 1,000,000 Norwegian krone when the spot rate for krone was $0.168. At Gooses December 31, year-end, the spot rate was $0.167. On January 4, 2017, Goose purchased 1,000,000 krone for $167,500 and paid the invoice. How much gain or (loss) should Goose report in its 2016 and 2017, respectively, income statements?

Select one: a. $(1,000) and $500 b. $0 and ($500) c. $0 and $500 d. $1,000 and ($500)

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