ABC Corp., a US corporation, purchased goods on credit from a British 1 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 recognize 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: June 8 $1.10 $1.15 $1.14 $1.20 Spot rate e 8 June 30 30 day forward rate Spot rate une July 8 Spot rate