2. J Corporation imported a machine for US$50,000 from the United States on January 10, 2005. A corresponding letter of credit (LC) was opened with Metro Bank to cover the importation. Shipment was effected on March 24, 2005 at which time the exporter collected the proceeds of the LC when the exchange rate was P 56.00 to US$1. On April 01, 2005, J paid the LC when the exchange rate was P 56.45. What is the forex gain or loss to be recognized by J from the fluctuation of the exchange rate? a. 0 c. 22,500 loss. D. 22500 qain. d. 25,000 loss