Use the Following Information to Answer the Question(s) Below

Multiple Choice

Use the following information to answer the question(s) below.

On October 4, 2014, Sooty Corporation borrowed 250,000 British pounds from a London bank, evidenced by an interest-bearing note payable due in one year. The note was payable in pounds. Exchange rates for pounds were:

-What exchange gain or loss appeared on Sooty's 2014 income statement?

A) a loss of $10,000
B) a loss of $15,000
C) a gain of $10,000
D) a gain of $15,000