On January 1, 2020, Canadian Music International (CMI), a Manufacturer

Multiple Choice

On January 1, 2020, Canadian Music International (CMI) , a manufacturer of high-end recording equipment based in Toronto, shipped US$120,000 worth of inventory to its main U.S. distributor in Chicago, with full payment of these goods due by February 28, 2020. CMI has a January 31 year end. A list of significant dates and exchange rates is shown below. $$\begin{array} { | l | l | } \hline \text { Transaction Date: Jaruaary } 1,2020 & \text { US } \$ 1 = \text { CDN } \$ 1.141 \\\hline \text { Year-End Date: Jaruary } 31,2020 & \text { US } \$ 1 = \text { CDN } \$ 1.142 \\\hline \text { Setternent Date: February 28, 2020 } & \text { US } \$ 1 = \text { CDN } \$ 1.145 \\\hline\end{array}$$ The invoice price billed by CMI was US$120,000.
What is the total amount of CMI's foreign exchange gain or loss on this transaction?

A) CDN$360 loss
B) CDN$120 gain
C) CDN$360 gain
D) CDN$480 gain