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On October 2, 20X4, Duck Corporation borrowed 150,000 British pounds from a London bank, evidenced by an interest-bearing note payable due in one year. The note is payable in pounds. Exchange rates for pounds are: October 2, 20X4 $1.60 December 31, 20X4 $1.62 October 2, 20X5 $1.56 What is the final amount of the loan payable that Duck will show on its books, in dollars, just before it repays the loan?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M990381

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