On February 1, Apple received an order from a Japanese customer for $120,000 to be paid on November 1. The exchange rates for $1 U.S. were as follows:

Exchange Rates of

$1 for Japanese Yen

Spot rate, January 1 105.4

Spot rate, February 1	110.8
Spot rate, November 1 Spot rate, December 1	192.3 176.5

Required:

In the space below determine the exchange gain or loss on the transaction.