Which of the following combinations correctly describes the relationship between foreign currency transactions, exchange rate changes, and foreign exchange gains and losses?
| Type of Transaction | Foreign Currency | Foreign Exchange Gain or Loss |
a. | Export sale | Appreciates | Loss |
b. | Import purchase | Appreciates | Gain |
c. | Import purchase | Depreciates | Gain |
d. | Export sale | Depreciates | Gain |
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