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

Foreign Currency Units Rate at
Date of Transaction Per Books
in U.S. Dollars Current
Rate at 12/31/14
ACCOUNTS RECEIVABLE
Japanese yen 14,678,000 $0.0109007 160,000 $0.0120
Euros 50,000 1.2372 61,860 1.4235
Hungarian forint 50,000,000 0.0044 220,000 0.0053
TOTAL 441,860

ACCOUNTS PAYABLE
Euros 50,000 1.2378 61,890 $1.4235
Mexican pesos 1,250,000 0.0799 99,875 0.0845
Indian rupee 4,000,000 0.0216 86,400 0.0223
TOTAL 248,165

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.

Foreign Currency Units Per Books in U.S. Dollars Current Rate at 12/31/14 Adjusted Balance at 12/31/14 Exchange Gain / (Loss)
ACCOUNTS RECEIVABLE
Japanese yen 14,678,000 160,000 $0.0120 176,136 16,136
Euros 50,000 61,860 1.4235 71,175 9,315
Hungarian forint 50,000,000 220,000 0.0053 265,000 45,000
TOTAL 441,860 512,311 70,451

ACCOUNTS PAYABLE
Euros 50,000 61,890 $1.4235 71,175 (9,285)
Mexican pesos 1,250,000 99,875 0.0845 105,625 (5,750)
Indian rupee 4,000,000 86,400 0.0223 89,200 (2,800)
TOTAL 248,165 266,000 (17,835)

The net gain that would be shown as a result of the adjustment is $52,616
($70,451 - $17,835).