During the Current Year Ortiz Industries Purchased 24,000 Euros €) $$\begin{array} { l l } \text { Jan. } 1 & € 1.00 = \$ 1.45 \\\text { June } 1 & € 1.00 = \$ 1.37 \\\text { Dec. } 31 & € 1.00 = \$ 1.39\end{array}$$

Multiple Choice

During the current year Ortiz Industries purchased 24,000 euros €) on June 1.The company still held the euros on December 31, the company's year-end.Exchange rates during the year were: $$\begin{array} { l l } \text { Jan. } 1 & € 1.00 = \$ 1.45 \\\text { June } 1 & € 1.00 = \$ 1.37 \\\text { Dec. } 31 & € 1.00 = \$ 1.39\end{array}$$
The gain or loss in terms of Canadian dollars that will appear on the income statement is:

A) $900 gain
B) $480 gain
C) $1,200 loss
D) $900 loss