On June 1, 2008, ABC a Filipino Co bought goods costing $10,000 from XYZ, an American Co. On July 1, 2008, DEF an American Co bought goods costing $15,000 from ABC Co. ABC Co. closes its books on December 31, 2008. XYZ Co. was paid January 5, 2009. DEF Co. paid March 15, 2009 Spot Rates: Buying June 1 P50 Selling $.0190 July 1 P47 $.0185 December 31 P 48 $.0195 January 5 March 15 P46 P51 $.02 $.0180 1. What is the effect of the foreign exchange gain or (loss) on the net income of ABC Co on December 31, 2008? a. P30,500 c. (P29,495) d. (P28,495) b. P29,000 b. P49,500 2. What is the effect of the foreign exchange gain or (loss) on the net income of ABC Co on December 31, 2009? a P58,000 c. P32,000 d. P75,500