Response to the following problem:
Suppose Nike Inc. sells athletic shoes to a Russian company on March 14. Nike agrees to accept 2,000,000 Russian rubles. On the date of sale, the ruble is quoted at $0.036. Nike collects half the receivable on April 19, when the ruble is worth $0.034. Then, on May 10, when the price of the ruble is $0.039, Nike collects the final amount.
Journalize these three transactions for Nike; include an explanation. Overall, how well did Nike come out in terms of a net foreign-currency gain or loss?