3 On April 1, 2007, Shannon, a US bank, made a one year loan (asset to Shannon) of 200,000 swiss francs to Scott Co. The dollar value of the loan at various dates was as follows:
April 1, 2007: $100,000. December 31, 2007: $ 115,000
April 30, 2007: $110,000 April 1, 2008 : $ 97,000
A What amount of foreign exchange gain or loss should be recorded in April 2007 for Shannon
B What amount of foreign exchange gain or loss should be recorded in full year 2007 for Shannon
C What amount of foreign exchange gain or loss should be included in Shannon’s 2008 income statement.