Q4 (S Points) Ch18 On September 1, 20x1, Cano 8. Company, a U.S. corporation, sold merchandise to a foreign firm for 300,000 euros. Terms of the sale require payment in euros on February 1, 20x2. On September 1, 20x1, the spot exchange rate was $1.40 per euro. At Cano's year-end on December 31, 20x1, the spot rate was $1.35, but the rate increased to $1.50 by February 1, 20x2, when payment was recelved. Required: 1. What foreign currency transaction gain or loss should be recorded in 20x1 ? 2. What foreign currency transaction gain or loss should be recorded in 20x2