Detroit based Auto Corporation,purchased ancillaries from a Japanese firm on December 1,2008,for 1,000,000 Yen,when the spot rate for Yen was $.0095.On December 31,2008,the spot rate stood at $.0096.On January 10,2009 Auto paid 1,000,000 Yen acquired at a rate of $.0094.Auto's income statements should report a foreign exchange gain or loss for the years ended December 31,2008 and 2009 of:
A)Option A
B)Option B
C)Option C
D)Option D

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The Answer of Detroit based Auto Corporation,purchased ancillaries from a Japanese firm on December 1,2008,for 1,000,000 Yen,when the spot rate for Yen was $.0095.On December 31,2008,the spot rate stood at $.0096.On January 10,2009 Auto paid 1,000,000 Yen acquired at a rate of $.0094.Auto's income statements should report a foreign exchange gain or loss for the years ended December 31,2008 and 2009 of:
A)Option A
B)Option B
C)Option C
D)Option D

Detroit Based Auto Corporation,purchased Ancillaries from a Japanese Firm on December