IAS 21 The Effects of Changes in Foreign Exchange Rates

**Section A** TradeGlobal, whose functional currency is the Dollar ($), purchased goods from a foreign supplier on 1 November 20X5 for 150,000 Euros (€). The invoice remains unpaid at the year-end on 31 December 20X5. Exchange rates: 1 Nov 20X5: $1 = €1.20 31 Dec 20X5: $1 = €1.25 Average rate for year: $1 = €1.22 What is the exchange difference to be recognized in the Statement of Profit or Loss for the year ended 31 December 20X5?