13. Foreign Currency Transactions. The Donald Frump Corporation had the following foreigns currency transactions during 20X2. First, it purchased merchandise from a foreign supplier on January 20, 20%2. for the U.S dollar equivalent of $100,000. The invoice was paid on March 20, 20X2, at the U.S. dollar equivalent of $103 Second, on July 1, 20X2, Frump borrowed the U.S. dollar equivalent of $500,000 evidenced by a note that w payable in the lender's local currency on July I, 20X4. On December 31, 20X2, the U.S. dollar equivalents of the principal amount and accrued interest were $515,000 and $23,000, respectively. Interest on the note is 10 percent per annum. In Frump's 20X2 income statement, what amount should be included as a foreign exchange lows? a. $14,000 loss b. $16,000 loss c. $18,000 loss d. $20,000 loss e. None of the above