A review of Ace Industries, a U.S. corporation, shows the following balances in accounts receivable and accounts

Question:

A review of Ace Industries, a U.S. corporation, shows the following balances in and detail at September 30, 2014, their fiscal year end.
ACCOUNTS RECEIVABLE
Receivables denominated in U.S. dollar............................................$426,000
Receivable denominated in 40,000 Australian dollar............................43,000
Receivable denominated in 70,000 Canadian dollar.............................71,750
..........................................................................................................$ 540,750
ACCOUNTS PAYABLE
Payables denominated in U.S. dollar..........................................................$ 107,000
Payable denominated in 50,000 Canadian dollar............................................51,250
Payable denominated in 200,000 Hong Kong dollar......................................26,500
....................................................................................................................$ 184,750
As Ace prepared to close their books, they noted that the September 30 exchange rates for the Australian dollar, Canadian dollar, and Hong Kong dollar were $1.0366, $1.0301 and $0.1284, respectively.Determine the exchange gain or loss to be included in the 2014 and the amount of and that will be included on the September 30, 2014 balance sheet.
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