Charleston Corporation operates a branch operation in a foreign country. Although this branch operates in euros, the U.S. dollar is its functional currency. Thus, a remeasurement is necessary to produce financial information for external reporting purposes. The branch began the year with 500,000 euros in cash and no other assets or liabilities. However, the branch immediately used 300,000 euros to acquire a warehouse. On May 1, it purchased inventory costing 100,000 euros for cash that it sold on July 1 for 160,000 euros cash. The branch transferred 10,000 euros to the parent on October 1 and recorded depreciation on the warehouse of 10,000 euros for the year. U.S dollar exchange rates for 1 euro follow:
January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.14 = 1 euro
May 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1.18 = 1
July 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1.20 = 1
October 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1.18 = 1
December 31 . . . . . . . . . . . . . . . . . . . . . . . . .    1.16 = 1
Average for the year . . . . . . . . . . . . . . . . . . .    1.19 = 1
What is the remeasurement gain or loss to be recognized in the consolidated income statement?

a. $100 gain

b. $200 gain

c. $100 loss

d. $200 loss