Question: On September 1 , 2 0 1 6 , Ban received an order for equipment from a foreign customer for 3 0 0 , 0

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 customers 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?

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