Greco, Inc.a U.S.corporation, bought machine parts from Franco Company of Germany on March 1, 2014, for 70,000 marks, when the spot rate for marks was $0.5395.Greco's year-end was March 31, 2014, when the spot rate for marks was $0.5445.Greco bought 70,000 marks and paid the invoice on April 20, 2014, when the spot rate was $0.5495.How much should be shown in Greco's income statements as foreign exchange (transaction) gain or loss for the years ended March 31, 2014 and 2015? 
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