Spot
Forward Rate for 4/15/23
Rate Delivery of Canadian Dollars
November 15, 2022 $0.685
December 31, 2022 0.745
March 01, 2023
0.7
April 15, 2023
0.72
$0.675
0.73
0.695
0.72
On November 15, 2022, a U.S. company receives an order from a Canadian customer for merchandise priced at C$ 800,000 On the same date, the company enters a forward contract locking in the U.S. dollar
amount to be received from the customer, for delivery on April 15, 2023. The forward qualifies as a hedge of the firm commitment. The company delivers the merchandise on March 1, 2023, and on April 15, 2023,
payment of C$ 800,000 is received from the customer and the forward contract is closed.
What is the net exchange gain or loss for 2022 and 2023?