ROS Inc. is located in Switzerland. ROS, whose currency is the Swiss franc (SF), is wholly owned by CRO Ltd. Its functional currency is the SF. The summarized balance sheet for ROS at December 31, 2013, was as follows:
Monetary assets ......... SF 100,000
Non-monetary assets ....... 200,000
Monetary liabilities ........ SF 190,000
Non-monetary liabilities ...... 30,000
Shareholders’ equity ...... 80,000
None of the non-monetary assets or liabilities are reported at market value.
What is the exchange gain or loss in Canadian dollars for ROS on January 1, 2014, if the exchange rate changes from SF 1 = C$1.50 to SF 1 = C$1.52 and this is the only event affecting ROS for that day?