Kettle Company purchased equipment for 375,000 British pounds from a supplier in London on July 3, 2014. Payment in British pounds is due on Sept. 3, 2014. The exchange rates to purchase one pound is as follows:

July 3

August 31, (year end)

September 3

Spot-rate	1.57	1.59	1.54

On its August 31, 2014, income statement, what amount should Kettle report as a foreign exchange transaction gain: $11,250

In question #9 above - Are these direct exchange quotations or indirect exchange quotations? - Please answer