Solved: What amount should madison paving report as a foreign, Accounting Basics

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What amount should madison paving report as a foreign

Madison Paving Company purchased equipment for 450,000 British pounds from a supplier in London on July 7, 2014. Payment in British pounds is due on Sept. 7, 2014. The exchange rates to purchase one pound are as follows:
July 7 August 31, (year-end) September 7
Spot-rate 2.08 2.05 2.04
30-day rate 2.07 2.03 --
60-day rate 2.06 1.99 --

On its August 31, 2014 income statement, what amount should Madison Paving report as a foreign exchange transaction gain:

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