E 12-6 Accounting for foreign currency–denominated sales settled in subsequent year On October 15, 2016, Rise Corporation of the United States sold inventory items to Chai Company of Thailand for 245,000 Thai baht, to be paid on January 15, 2017. Exchange rates for Thai baht on selected dates are as follows:

October 15, 2016 $0.029 December 31, 2016 $0.033 January 15, 2017 $0.030 REQuIRED: Determine the exchange gain or loss on the sale to Chai to be included in Rise’s income statement for the years 2016 and 2017.