Bion 7 Time left 0:53:10 answered out of 1.00 During 2016 a U.S. firm sold inventory to a foreign customer. The transaction was denominated in the local currency of the buyer. The direct exchange rate decreased from the date of the transaction to the end of the fiscal period; the rate increased from the end of the fiscal period to the date of the account was settled in 2017. A transaction gain or loss should be recognized question O a. 20160; 2017 0 Ob. 2016 loss; 2017 gain Oc. 2016 gain, 2017 loss Od. 2016 loss, 2017 loss