1. For each of the following situations, select the best answer concerning accounting for foreign currency transactions: (G) Results in a foreign exchange gain. (L) Results in a foreign exchange loss. (N) No foreign exchange gain or loss. 1. Export sale by a U.S. company denominated in dollars, foreign currency of buyer appreciates. 2. Export sale by a U.S. company denominated in foreign currency, foreign currency of buyer appreciates. 3. Import purchase by a U.S. company denominated in foreign currency, foreign currency of seller appreciates. 4. Import purchase by a U.S. company denominated in dollars, foreign currency of seller appreciates. 5. Import purchase by a U.S. company denominated in foreign currency, foreign currency of seller depreciates. 6. Import purchase by a U.S. company denominated in dollars, foreign currency of seller depreciates. 7. Export sale by a U.S. company denominated in dollars, foreign currency of buyer depreciates. 8. Export sale by a U.S. company denominated in foreign currency, foreign currency of buyer depreciates.