= December 1, 2016, Eximco Inc., a U.K company, makes a sale and ships goods to Rose Inc., a U.S. company. Sales price is 8,000 U.S. dollars Rose Inc. agrees to pay in U.S dollar by bank account on March 1, 2017. * Spot rate as of December 1, 2016: 1GBP () = 1.28 USD ($) Spot rate as of December 31, 2016: 1 = $ 1.29 Spot rate as of March 1, 2017: 1 = $1.30 Eximco Inc. has a December 31 year end. Required: 1. How Eximco Inc. records the sale on December 1, 2016? 2. How Eximco Inc. records the foreign exchange gain/loss on December 31, 2016 and on March 1, 2017