Hugh, Inc Purchased Merchandise for 300,000 FC from a British Vendor

Multiple Choice

Hugh, Inc. purchased merchandise for 300,000 FC from a British vendor on November 30, 20X3. Payment in British pounds is due January 31, 20X4. Exchange rates to purchase 1 FC is as follows: In the December 31, 20X3 income statement, what amount should Hugh report as foreign exchange gain from this transaction?

A) $3,000 loss
B) $9,000 gain
C) $9,000 loss
D) $3,000 gain