1. On September 1, 2016, Ban received an order for equipment from a foreign customer for 300,000 euros, when the U.S. dollar equivalent was $400,000. Ban shipped the equipment on October 15, 2016, and billed the customer for 300,000 euros when the U.S. dollar equivalent was $420,000. Ban received the customer's remittance in full on November 16, 2016, and sold the 300,000 euros for $415,000. In its income statement for the year ended December 31, 2016, what should Ban report as a foreign exchange gain or loss?

2. On September 22, 2016, Yup purchased merchandise on account from an unaffiliated foreign company for 10,000 euros. On that date, the spot rate was $1.20. Yup paid the bill in full on March 20, 2017, when the spot rate was $1.30. The spot rate was $1.24 on December 31, 2016. What amount should Yup report as a foreign currency transaction gain or loss in its income statement for the year ended December 31, 2016?

3. On July 1, 2016, Cle borrowed 1,680,000 pesos from a foreign lender by signing an interest-bearing note due on July 1, 2017, which is denominated in pesos. The U.S. dollar equivalent of the note principal was as follows:

July 1, 2016 (date borrowed) ................$210,000

December 31, 2016 (Cle's year-end) ........ 240,000

July 1, 2017 (date paid) ....................... 280,000

In its income statement for 2017, what amount should Cle include as a foreign exchange gain or loss?

4. On July 1, 2016, Set lent $120,000 to a foreign supplier by accepting an interest-bearing note due on July 1, 2017.

The note is denominated in the currency of the borrower and was equivalent to 840,000 pesos on the loan date.

The note principal was appropriately included at $140,000 in the receivables section of Set's December 31, 2016, balance sheet. The note principal was repaid to Set on the July 1, 2017, due date, when the exchange rate was 8 pesos to $1. In its income statement for the year ended December 31, 2017, what amount should Set include as a foreign currency transaction gain or loss?