On March 1, Friedle Import-Export Company sells merchandise costing 75,000 Mexican pesos. Payment will be made in pesos, on June 1. The exchange rates of pesos for $1 were as follows:
|March 1||$1 = 10.9 pesos|
|June 1||$1 = 11.4 pesos|
Round all answers to the nearest dollar.
1. What is the receivable in dollars on March 1? $
2. What is the dollar value of the amount paid in pesos on June 1? $
3. If Friedle is paid on June 1, is there an exchange gain or loss? How much was it?