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On December 1, 20x7, Bore Trading sold garments to a foreign firm. Payment of 100,000 foreign currency is due on January 30, 20x8. Concurrently, Bore

On December 1, 20x7, Bore Trading sold garments to a foreign firm. Payment of 100,000 foreign currency is due on January 30, 20x8. Concurrently, Bore Trading paid P5,000 cash to acquire a 60-day put option for 1,000,000 FC. Bore follows calendar basis on reporting. 12/01/20x7 12/31/20x7 01/30/20x8 Spot rate (market price) 0.75 0.73 0.721 Strike price (exercise price) 0.75 0.75 0.75 Fair value of call option 5,000 27,000 25,000 How much is the net foreign exchange gain or loss

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