Assume that your company purchases inventories from a Canadian supplier on November $3.$The invoice specifies that payment is to be made on February $1$ in Canadian dollars $($$CAD$)$ in the amount of $$100,000($CAD$).$ Your company operates on a calendar year basis. $$Assume the following exchange rates:

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November $3$

US $$1\mathrm{.}20$ : CA $$1$

December $31$

US $$1\mathrm{.}15$ : CA $$1$

February $1$

US $$1\mathrm{.}11$ : CA $$1$

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For the journal entry as of Feb. $1,$ indicate if there is a Foreign currency transaction gain or loss, and the amount.

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