Brief, Inc., had a receivable from a foreign customer that is payable in the customer's local currency. On December 31, 2020, Brief correctly included this receivable for 377,500 local currency units...

Brief, Inc., had a receivable from a foreign customer that is payable in the customer's local currency. On December 31, 2020, Brief correctly included this receivable for 377,500 local currency units (LCU) in its balance sheet at $290,000. When Brief collected the receivable on February 15, 2021, the U.S. dollar equivalent was $301,200. In Brief's 2021 consolidated income statement, how much should it report as a foreign exchange gain?

Multiple Choice

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  $16,200

  
  
  
  


• 
  
  
  

  
  

  $27,400

  
  
  
  


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  $0

  
  
  
  


• 
  
  
  

  
  

  $11,200