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 January 30?

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