Norton Co, a U What Amount of Foreign Exchange Gain or Loss Should Be

Multiple Choice

Norton Co., a U.S. corporation, sold inventory on December 1, 2013, with payment of 10,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows: $$\begin{array} { | l | l | l | } \hline \text { Dec 1 } & \text { Spot rate: } & \$ 1.7241 \\\hline \text { Dec. 31 } & \text { Spot rate: } & \$ 1.8182 \\\hline \text { Jan. 30 } & \text { Spot rate: } & \$ 1.6666 \\\hline\end{array}$$ What amount of foreign exchange gain or loss should be recorded on January 30?

A) $1,516 gain.
B) $1,516 loss.
C) $575 loss.
D) $500 loss.
E) $500 gain.