E$1614$ Suppose Zed Ltd$.$ sells lumber to a British company on May $16.$ Zed agrees to accept $80,000$ British pounds sterling. On the date of sale, the pound is quoted at $$1\mathrm{.}7831.$ Zed collects half the receivable on June $19,$ when the pound is worth $$1\mathrm{.}7614.$ Then, on July $16,$ when the price of the pound is $$1\mathrm{.}7792,$ Zed collects the final amount.

Required

Journalize these three transactions for Zed; include an explanation. Round final amounts to the nearest whole dollar.

Overall, did Zed have a net foreign$-$currency gain or loss?