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On February 1, Apple received an order from a Japanese customer for $120,000 to be...

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Question

Accounting

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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