On February 1, Apple received an order from a Japanese customer for $120,000 to be paid on November 1. The exchange rates for $1 U.S. were as follows:
Exchange Rates of
$1 for Japanese Yen
Spot rate, January 1 105.4
Spot rate, February 1 110.8
Spot rate, November 1 192.3
Spot rate, December 1 176.5
Required:
Determine the exchange gain or loss on the transaction.
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