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M8 CONNECT Final Exam (Ch 15-17, 20-23, 26) @ Savea Help Seve&Exit Submit Exact Instruments sold equipment to a British research group at a price of 78,000 British pounds on December 1, Year 1 with payment due in 90 days. Using the following exchange rates, what gain or loss from currency fluctuations should be recognized in Year 1and Year 2, respectively? December 1, Year 1 $1.78 per British pound December 31, Year 1 $1.82 per British pound March 1, Year 2 $1.77 per British pound Muttiple Choice O A$3120 loss in Year 1and a 3,900 gain in Year 2 No gain or loss in Year 1and a $780 loss in Year 2. No gain or loss in Year 1and a $780 gain in Year 2. O A $3120 gain in Year 1and a $3,900 loss in Year 2. @