How will these gains be reported on the corporation’s financial statements?

A corporation had foreign currency translation gains from converting the financial statements of its foreign operations into U.S dollars.

How will these gains be reported on the corporation’s financial statements?
A . As a current asset on the balance sheet
B. As a net increase in cash in the operating activities section of the statement of cash flows
C. As part of net income on the income statement
D. As part of comprehensive income on the income statement

View Answer

Answer: D