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On September 1, Year 1, Cano & Co., a U.S. corporation, sold merchandise to a foreign firm for 250,000 francs. Terms of the sale require payment in francs on February 1, Year 2. On September 1, Year 1, the spot exchange rate was $.20 per franc. At December 31, Year 1, Cano's year end, the spot rate was $.19, but the rate increased to $.22 by February 1, Year 2, when payment was received. How much should Cano report as foreign exchange gain or loss in its Year 2 income statement?
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