On May 8, 2009, Jett Company (a U.S. company) made a credit sale to Munoz (a Mexican company). The terms of the sale required Munoz to pay 850,000 pesos on February 10, 2010. Jett prepares quarterly financial statements on March 31, June 30, September 30, and December 31. The exchange rates for pesos during the time the receivable is outstanding follow.
May 8, 2009 . . . . . . . . . . . . . . . $0.0932
June 30, 2009 . . . . . . . . . . . . . . 0.0941
September 30, 2009 . . . . . . . . 0.0952
December 31, 2009 . . . . . . . . 0.0935
February 10, 2010 . . . . . . . . . . 0.0974
Compute the foreign exchange gain or loss that Jett should report on each of its quarterly income statements for the last three quarters of 2009 and the first quarter of 2010. Also compute the amount reported on Jett’s balance sheets at the end of each of its last three quarters of 2009.