1 ABC Corp., a US corporation, purchased goods on credit from a British company on April 8, 2007. ABC made a payment of 10,000FC on May 8, 2007. The exchange rate was $1=FC.50 on April 8 and $1=FC.60 on May 8. What amount of foreign exchange gain or loss should be recognized on May 8 ? 2 XYZ Company sells goods to a foreign customer on June 8. Payment of 3,000,000 foreign currency units (FC) is due in one month. June 30 is XYZ Company's fiscal year-end. The following exchange rates were in effect during the period: A For what amount should XYZ Accounts Receivable be debited on June 8 B How much foreign exchange gain or loss should XYZ record on June 30