On OCTOBER 4, 2020, SAMA Corporation borrowed 250,000 British pounds from a London bank, evidenced...
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Accounting
On OCTOBER 4, 2020, SAMA Corporation borrowed 250,000 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 were:
October 4, 2020..........................$1.59
December 31, 2020....................$1.55
October 4, 2021..........................$1.61
What is the final amount of the loan payable that SAMA repaid?
What exchange gain or loss appeared on SAMA'S 2021 income statement?
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