An analyst gathers the following information about a company's transactions occurring on 15 December:

• USD 50,000 export, invoiced and paid on the same day; and

• USD 200,000 import, invoiced and will be paid in 30 days.

The company's functional and presentation currency is EUR and the spot exchange rates are:

Reference Date  EUR/USD

15 December      0.9525

31 December      0.9470

Note: EUR/USD is the amount of EUR per 1 USD.

If the company's year end is 31 December, the company would report as a result of these transactions: