Norton Co., a U.S. corporation, sold inventory on December 1, 2018, with payment of 10,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows:
Dec. 1 Spot rate: $ 1.7241 Dec. 31 Spot rate: $ 1.8182 Jan. 30 Spot rate: $ 1.6666 1) What amount of foreign exchange gain or loss should be recorded on December 31?
2) What amount of foreign exchange gain or loss should be recorded on January 30?
