Pigskin Co., a U.S. corporation, sold inventory on credit to a British company on April 8, 2018. Pigskin received payment of 70,000 British pounds on May 8, 2018. The exchange rate was 1 = $1.54 on April 8 and 1 = 1.43 on May 8. What amount of foreign exchange gain or loss should be recognized? (round to the nearest dollar) . Write the journal entries.