Foreign Exchange Gains and Losses With Hedging. Pagley Quality Exports is a wholesaler engaged in foreign trade. As a wholesaler, the company both buys and sells in international markets. The following transactions with companies in Hong Kong are typical of the company's business:

March 1 Purchased merchandise from Chang, Ltd., a Hong Kong manufacturer. The invoice was for HK \(\$ 190,000\), payable on June 1. The exchange rate on this date for the Hong Kong dollar was \(\$ 0.1285\).

1 Acquired a forward exchange contract, as a hedge, to buy 190,000 Hong Kong dollars on June 1 for \(\$ 0.1294\).

31 Sold merchandise to T'SAI Retailers for HK \(\$ 150,000\). No hedging was involved. The exchange rate for Hong Kong dollars was \(\$ 0.1256\).

April 30 Received HK \(\$ 150,000\) from TSAI Retailers. The exchange rate for Hong Kong dollars was \(\$ 0.1372\).

June 1 Submitted full payment of HK\$190,000 to Chang, Ltd., after obtaining HK \(\$ 120,000\) on its forward exchange contract. The exchange rate for Hong Kong dollars was \(\$ 0.1430\).

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Calculate the exchange gains or losses associated with each of the transactions