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Assuming that MNC did not enter into a forward contract, how much foreign exchange gain or loss should it report on its 2013 income statement with regard to this transaction? a. $5,000 gain. b. $3,000 gain. c. $2,000 loss. d. $1,000 loss. MNC Corp. (a U.S.-based company) sold parts to a South Korean customer on December 1, 2013, with payment of 10 million South Korean won to be received on March 31, 2014. The following exchange rates apply: _____________________________________________Forward Rate Date ____________________ Spot Rate ______(to March 31, 2014) December 1, 2013 …………….. $0.0035 …………… $0.0034 December 31, 2013…………….. 0.0033 ………………0.0032 March 31, 2014 ………………… 0.0038 …………………N/A MNC’s incremental borrowing rate is 12 percent. The present value factor for three months at an annual interest rate of 12 percent (1 percent per month) is 0.9706.
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