5) 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 buyer appreciates. _____4. Import purchase by a U.S. company denominated in dollars, foreign currency of buyer appreciates.

_____5. Import purchase by a U.S. company denominated in foreign currency, foreign currency of buyer depreciates. _____6. Import purchase by a U.S. company denominated in dollars, foreign currency of buyer 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.