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On June 27, American Company (a company that maintains its accounting records in U.S. dollars)...

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Accounting

On June 27, American Company (a company that maintains its accounting records in U.S. dollars) made a credit sale in the amount of 3,500 euros; on that date, euros were worth $1.09 each. On September 24, the account was collected; on that date, euros were worth $1.17 each.

On September 24, when the cash is collected, how much foreign currency GAIN or LOSS will be recorded by American Company?

Exchange Gain of $280

Exchange Loss of $280

Exchange Gain of $175

Exchange Loss of $175

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