Miston buys goods priced at €50,000 from a Dutch company on 1 November 20X8. The invoice is due for settlement in two equal instalments on 1 December 20X8 and 1 January 20X9.
The exchange rate moved as follows:
1 November 20X8 - 1.63 to 1
31 December 20X8 – 1.64 to $1
What will be the net exchange gain or loss to be reported in the financial statements of Miston at 31 December 20X8?
