Current international exchange rates are determined by a managed floating exchange rate. A managed floating exchange rate means that each currency's value is affected by the economic actions of its government or central bank.
<h3>Current exchange rates</h3>
According to the question-
Accounts Receivable (baht)
=3,000
Foreign Currency Transaction Gain
U.S. dollar equivalent value: = $31,000/.031 = 1,000,000
$31,000 = Baht 1,000,000 x $.031 March 1 spot rate
$34,000 = Baht 1,000,000 x $.034 May 10 spot rate
$3,000 = Baht 1,000,000 x (.031 - .034) Gain
1 dollar = 34.66 thai baht
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