($100,000 gain is not the answer)

Peerless, a US corporation, purchases raw material from its foreign supplier, on May 8,2020 . Payment of 2,000,000 foreign currency units (FC) is due in 30 days, June 7. The company's fiscal year-end is May 31 (Financial statements are prepared). The pertinent exchange rates were as follows: May 8, 2020: FC 1=$1.20 May 31, 2020 FC 1=$1.25 June 7,2020 FC 1=$1.10 What amount of foreign exchange gain or loss should be recognized on the financial statements when the company made the payment on June 7 ? (please type your answer as the example provided here: 100,000 gain, or 100,000 loss). Fill in the blank