If the functional currency is the U.S. dollar, the net result under FASB?52 would be a
A) transaction loss of $40,000 for the U.S. parent
B) transaction gain of $56,383 for the U.S. parent
C) transaction loss of $32,876 for the Swiss subsidiary
D) transaction gain of $3176 for the U.S. parent
E) no transaction gain or loss for either the subsidiary or parent

Question

Quizplus · Accepted Answer

The Answer is E

If the Functional Currency Is the U