Import and export transactions On November 1, 2018, when the spot rate is $1.40/, a U.S. company purchases merchandise costing 1,000,000 from a supplier in France. The spot rate is $1.387 on December 31, 2018, the company's year-end. The company pays for the merchandise on January 23, 2019, when the spot rate is $1.41/. What is the effect of the above events on the U.S. company's 2018 and 2019 income? Select one: 2018 2019 $10,000 loss $0 2018 2019 $20,000 gain $30,000 loss 2018 2019 $20,000 loss $30,000 gain 2018 2019 $10,000 gain $0