15' As of November 15, 1 euro converts into 1.30 U.S. dollars. On that same date, Peters Inc. contracts to purchase goods from Lakeland Ltd. in euros, with settlement on January 15 of the next year. On December 31, the exchange rate changes such that 1 euro converts into 1.20 U.S. dollars. As a result of the change in exchange rates, Peters will book a: Gain on the income statement. Loss on the income statement. Gain in other comprehensive income. Loss in other comprehensive income.