2 on october 15 2011 napole corporation a french company ordered merchandise listed 4307547

2 on october 15 2011 napole corporation a french company ordered merchandise listed 4307547

2) On October 15, 2011, Napole Corporation, a French company, ordered merchandise listed on the internet for 20,000 Euros from Adams Corporation, a U.S. corporation. The euro rate was $1.20 (U.S. dollars) on October 15. On November 15, 2011 Adams shipped the goods and billed Napole the purchase price of 20,000 Euros when the euro rate was $1.30. Napole paid the bill on December 10, 2011, and Adams immediately exchanged the 20,000 Euros for US dollars when the Euro rate was $1.28 on December 10, 2011.

Required:

Compute the foreign currency gain or loss on the December 31, 2011 financial statements of Adams and show the related journal entries.

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