On May 8, 2017, Jett Company (a U.S. company) made a credit sale to Lopez (a Mexican company). The t

 
   

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On May 8, 2017, Jett Company (a U.S. company) made a credit sale to Lopez (a Mexican company). The terms of the sale required Lopez to pay 620,000 pesos on February 10, 2018. Jett prepares quarterly financial statements on March 31, June 30, September 30, and December 31. The exchange rates for pesos during the time the receivable is outstanding follow.
May 8, 2017 $ 0.1928 June 30, 2017 0.1937 September 30, 2017 0.1948 December 31, 2017 0.1931 February 10, 2018 0.1970

Compute the foreign exchange gain or loss that Jett should report on each of its quarterly income statements for the last three quarters of 2017 and the first quarter of 2018. Date Gain or Loss Amount June 30 Sept 30 Dec 31 March 31

Compute the amount reported on Jett's balance sheets at the end of each of its last three quarters of 2017. June 30 Balance sheet Amount Sept 30 Dec 31