Norton Co., a U.S. corporation, sold inventory on December 1, 2018, with payment of 10,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows:
|Dec. 1||Spot rate:||$||1.7241|
|Dec. 31||Spot rate:||$||1.8182|
|Jan. 30||Spot rate:||$||1.6666|
1) What amount of foreign exchange gain or loss should be recorded on December 31?
2) What amount of foreign exchange gain or loss should be recorded on January 30?
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