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Lindy, a US corporation, bought inventory items from a supplier in Argentina on November 5, year 1, for 100,000 Argentine pesos, when the spot rate was $.4295. At Lindy’s December 31, year 1 year-end, the spot rate was $.4245. On January 15, year 2, Lindy bought 100,000 pesos at the spot rate of $.4345 and paid the invoice. How much should Lindy report as part of net income for year 1 and year 2 as foreign exchange transaction gain or loss?
Year 1....... Year 2