Lindy, a calendar year U S corporation, bought inventory items from a supplier in Germany on November 5, 2017, for 100,000 euros, when the spot exchange rate was $1 40 per euro At Lindy 's December 31, 2017, year end, the spot exchange rate was $1 38 On January 15, 2018, Lindy bought 100,000 euros ...

Lindy Corp has engaged in a foreign currency transaction The transaction is recorded on Lindys books ...

Lindy, a calendar-year U.S. corporation, bought inventory items from a supplier in Germany on November 5, 2017,

Question:

Lindy, a calendar-year U.S. corporation, bought inventory items from a supplier in Germany on November 5, 2017, for 100,000 euros, when the spot was $1.40 per euro. At Lindy's December 31, 2017, year-end, the spot was $1.38. On January 15, 2018, Lindy bought 100,000 euros at the spot of $1.44 and paid the invoice.
Required:
How much foreign exchange gain or (loss) should Lindy report in its income statements for 2017 and 2018?
Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...