Mills Inc Had a Receivable from a Foreign Customer That Is

Multiple Choice

Mills Inc. had a receivable from a foreign customer that is due in the local currency of the customer (stickles) . On December 31, 2010, this receivable for §200,000 was correctly included in Mills' balance sheet at $132,000. When the receivable was collected on February 15, 2011, the U.S. dollar equivalent was $144,000. In Mills' 2011 consolidated income statement, how much should have been reported as a foreign exchange gain?

A) $0.
B) $36,000.
C) $48,000.
D) $10,000.
E) $12,000.