Parker Corp., a U. S. company, had the following foreign currency transactions during 2021: 1. Purchased merchandise from a foreign supplier on July 5, 2021 for the U. S. dollar equivalent of $80,000 and paid the invoice on August 3, 2021 at the U. S. dollar equivalent of $82,000.
2. On October 1, 2021 borrowed the U. S. dollar equivalent of $872,000 evidenced by a non-interest-bearing note payable in euros on October 1, 2022. The U. S. dollar equivalent of the note amount was $860,000 on December 31, 2021, and $881,000 on October 1, 2022.

Required:
What amount should be included as a foreign exchange gain or loss from the two transactions for 2021?

Arguments made against free trade include all of the following exceptdumping is an unfair trade practice that puts domestic producers of substitute goods at a disadvantage that they should be protected against.national defense considerations justify producing certain goods domestically whether the country has a comparative advantage in their production or not.free trade is inflationary and should be restricted in the domestic interest. if foreign governments subsidize their exports, foreign firms that export are given an unfair advantage that domestic producers should be protected against.infant industries should be protected from free trade so that they may have time to develop and compete on an even basis with older, more established foreign industries.