Sale in Foreign Currency Marko Company sold spray paint equipment to Spain for 5,000,000 pesetas (P) on October 1, with payment due in six months. The exchange rates were

October 1, 20X6 1 peseta = $0.0068

December 31, 20X6 1 peseta = 0.0078

April 1, 20X7 1 peseta = 0.0076

Required

A. Prepare all required journal entries for Marko as a result of the sale and settlement of the foreign transaction, assuming that its fiscal year ends on December 31.

B. Did Marko have an overall net gain or net loss from its foreign currency exposure?