On July 1, 2020, Mifflin Company borrowed 200,000 euros from a foreign lender evidenced by an interest-bearing note due on July 1, 2021. The note is denominated in euros. The U.S. dollar equivalent of the note principal is as follows:

Date                                                                                            Amount
July 1, 2020 (date borrowed) . . . . . . . . . . . . . . . . . . . . . . . . $225,000
December 31, 2020 (Mifflin’s year-end). . . . . . . . . . . . . . . .  220,000
July 1, 2021 (date repaid) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210,000

In its 2021 income statement, what amount should Mifflin include as a foreign exchange gain or loss on the note?

a. $15,000 gain

b. $15,000 loss

c. $10,000 gain

d. $10,000 loss