ASSUME THAT THE LOCAL CURRENCY UNIT IS THE FUNCTIONAL CURRENCY.

Cade Inc. had a CREDIT adjustment of $$8800$ for the year ended December $31,2023,$ from restating its foreign subsidiary's accounts from their local currency units into U$.$S$.$ dollars.

Additionally, Cade had a receivable from a foreign customer. It is denominated in the customer's local currency. On December $31,2022,$ this receivable for $280,000$ local currency units $($LCU$)$ was correctly included in Cade's balance sheet at $$117600.$ When the receivable was collected on May $102023,$ the U$.$S$.$ dollar$-$equivalent was $$107500.$

In Cade's $2023$ consolidated statement of income, how much should be reported as foreign exchange gain$/($loss$)$ in computing net income?

BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE $1000$ INSTEAD OF $$1,000.$

IF THE NUMBER IS NEGATIVE, TYPE $-1000$ INSTEAD OF $($ $$1,000)$

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