On December 1, 2008, ABC Company made a credit sale to a Korean company. The amount of sale was 100,000 Korean won. The exchange rate at that date was 40 Korean won for P1. ABC will collect the account on January 1, 2009. On December 1, ABC entered into a futures contract to sell 100,000 Korean won on January 1, 2009 at an exchange rate of 40 Korean won for 1 Philippine peso. 6) If the exchange rate for 1 Philippine peso on December 31, 2008 is 50 Korean won, compute the foreign exchange gain or loss on hedged item: 7) Compute the gain or loss on the hedgir g instrument: 8) Compute the net (total) foreign exchange gain or loss/the effect on net income would be: