Recording a Foreign Purchase and Sale. Macon Manufacturing, a U. S. corporation, had the following two transactions with foreign companies during this year:

(a) Purchased a special-purpose machine from a German company on credit in German marks for DM30,000. At the transaction date, the exchange rate was \(\$ 0.59\) per mark. On the settlement date, the exchange rate was \(\$ 0.61\).

(b) Sold a product on account to a British company for \(£ 200,000\). Payment was made in British pounds. The pound was \(\$ 1.50\) on the transaction date and \(\$ 1.58\) on the settlement date.

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Using T-accounts, record the events related to Macon Manufacturing's purchase and sale. Recognize any foreign exchange gain or loss.