d. Debit to Exchange Loss for $ 3, 060 . 8. On December 5 , 2014 , Unca Corporation , a Philippine firm , bought inventory items from Skagerrak Corporation of Norway for 1 , 000 , 000 Norwegian kroner when the spot rate for kroner was PO. 166 . The purchase was denominated in kroner . At Unca's fiscal year end , December 31 , 2014 , the spot rate was PO. 171 . On January 1 , 2015, Unca purchased 1, 000 , 000 kroner for P 167, 500 and paid the invoice . How much gain or ( loss ) did Unca report in its 2014 and 2015 income statements , respectively ? a P ( 5 , 000 ) and P 1 , 500 C . ( P 5 , 000 ) and P 3 , 500 b PO and ( P 1 , 500 ) d PO and ( P 3 , 500 )