The Following Information Pertains to Questions

Multiple Choice

The following information pertains to questions
On January 1,2013,Canadian Music International (CMI) ,a manufacturer of high-end recording equipment based in Toronto,shipped $120,000 worth of inventory to its main U.S.distributor in Chicago,with full payment of these goods to be paid by February 28,2013.CMI has a January 31 year end.A list of significant dates and exchange rates is shown below. The invoice price billed by CMI was $120,000 U.S.
-What is the amount of CMI's foreign exchange gain or loss at year-end?

A) Nil.
B) $120 Gain.
C) $120 Loss.
D) $480 Gain.