Lincoln Corporation,a U Required:
Determine the Amount at Which Receivables and Payables Should

Lincoln Corporation,a U.S.manufacturer,both imports needed materials and exports finished products.Their receivables and payables are listed below,prior to year-end adjustments or preparation of the closing entries.
$$\begin{array} { | l | r | r | r | r | } \hline & \begin{array} { c } \text { Foreign } \\\text { Currency } \\\text { Units }\end{array} & \begin{array} { c } \text { Rate at } \\\text { Date of } \\\text { Transaction }\end{array} & \begin{array} { c } \text { Per Books } \\\text { in U.S. } \\\text { Dollars }\end{array} & { \begin{array} { c } \text { Current } \\\text { Rate at } \\12 / 31 / 14\end{array} } \\\hline \text { ACCOUNTS RECEIVABLE } & & & & \\\hline \text { Japanese yen } & 14,678,000 & \$ 0.0109007 & 160,000 & \$ 0.0120 \\\hline \text { Euros } & 50,000 & 1.2372 & 61,860 & 1.4235 \\\hline \text { Hungarian forint } & 50,000,000 & 0.0044 & \underline { 220,000 } & 0.0053 \\\hline \text { TOTAL } & & & 441,860 & \\\hline & & & & \\\hline \text { ACCOUNTS PAYABLE } & & & & \\\hline \text { Euros } & 50,000 & 1.2378 & 61,890 & \$ 1.4235 \\\hline \text { Mexican pesos } & 1,250,000 & 0.0790 & 99,875 & 0.0845 \\\hline \text { Indian rupee } & 4,000,000 & 0.0216 & \underline { 86,400 } & 0.0223 \\\hline \text { TOTAL } & & & 248,165 & \\\hline\end{array}$$ Required:
Determine the amount at which receivables and payables should be reported on December 31,2014,and the net exchange gain or loss that would be reported as a result of year-end adjustments.