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1 ABC Corp., a US corporation, purchased goods on credit from a British company on April 8, 2007. ABC made a payment of 10,000FC on May 8, 2007. The exchange rate May 8. What amount of foreign exchange gain or loss should be recognized on May 8? exchange rate was $1- FC .50 on April 8 and $1- FC.60 on 2 XYZ Company sells goods to a foreign customer on June 8. Payment of 3,000,000 foreign currency units (FC) is due in one month. June 30 is XYZ Company's fiscal year-end. The following exchange rates were in effect during the period: $1.10 June 8 June 8 June 30 July 8 Spot rate 30 day forward rate$1.15 Spot rate Spot rate $1.14 $1.20 A For what amount should XYZ Accounts Receivable be debited on June 8 B How much foreign exchange gain or loss should XYZ record on June 30