Happy Company sells products in the U.S. and in Great Britain. Customers in Great Britain are invoiced for their purchases in British Pounds.

These customer are very credit worthy, so losses due to payment defaults are not a practical concern for Happy Company. These customers plan to pay what they owe to Happy Company 6 months after the date of purchase. These customers will pay in British Pounds. Foreign exchange rates vary.

Will Happy Company report foreign exchange gains and losses?