Suppose Zed Ltd. sells lumber to a British company on May 16. Zed agrees to accept 80,000 British pounds sterling. On the date of sale, the pound is quoted at $1.7831. Zed collects half the receivable on June 19, when the pound is worth $1.7614. Then, on July 16, when the price of the pound is $1.7792, Zed collects the final amount. 

Required

1. Journalize these three transactions for Zed; include an explanation. Round final amounts to the nearest whole dollar.

2. Overall, did Zed have a net foreign-currency gain or loss?