Patents and copyrights are amortized through... Directly through the asset account False. They are not amortized. Only assessed for impairment. Through the corresponding accumulated amortization account Amortization expense Guildford Inc. is a Canadian company that sold merchandise to a British firm for 100,000 British pounds. Assume the exchange rates for the British pound were as follows: Date of sale $2.35 Date of collection $2.34 The exchange rate gain/loss for Guildford on this transaction was: $3,000 gain $2,000 gain $3,000 loss $1,000 loss