For each of the following situations, select the best answer concerning accounting for foreign currency transactions:(G) Results in a foreign exchange gain.(L) Results in a foreign exchange loss.(N) No foreign exchange gain or loss.1. Export sale by a U. S. company denominated in dollars, foreign currency of buyer appreciates.2. Export sale by a U. S. company denominated in foreign currency, foreign currency of buyer appreciates.3. Import purchase by a U. S. company denominated in foreign currency, foreign currency of seller appreciates.