Yearend Adjustments for Foreign Currency Transactions. Clancy Wool Products, a U. S.-based import/export company, had the following transactions during March:

March 6 Purchased products from a Swiss company for SFr500,000. The exchange rate for Swiss francs was \(\$ 0.786\).

15 Sold products to a German company located in Dresden for DM100,000. The exchange rate for the German mark was \(\$ 0.607\).

18 Sold products to a British company for \(£ 100,000\). The exchange rate for British pounds was \(\$ 1.505\).

20 Purchased products from Wool-Made, a British company, for \(\$ 120,000\). The exchange rate for British pounds was \(\$ 1.498\).

The firm's fiscal year ends on March 31. All of the foregoing transactions were open on March 31. The exchange rates on this date were: SFr1 \(=\$ 0.760, \mathrm{DM} 1=\) \(\$ 0.598\), and \(£ 1=\$ 1.472\).

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1. Determine the amount Clancy Wool Products would report for each unsettled receivable and payable on March 31 2. Determine the exchange gain or loss on each unsettled receivable and payable as of March 31.