Norton Co, a U

Multiple Choice

Norton Co., a U.S. corporation, sold inventory on December 1, 2011, with payment of 10,000 British pounds to be received in sixty days. The pertinent exchange rates were as follows:

What amount of foreign exchange gain or loss should be recorded on December 31?

A) $300 gain.
B) $300 loss.
C) $0.
D) $941 loss.
E) $941 gain.