20. Gunther concluded that the subsidiary's functional currency was the dollar. Exchange rates for 2018 were:

Jan.	1	1	peso	=	$	0.20
	31	1	peso	=	$	0.19
Dec.	31	1	peso	=	$	0.16
Weighted average rate for the year		1	peso	=	$	0.18
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What amount of foreign exchange gain or loss would have been recognized in Gunther's consolidated income statement for 2018?

A) $440,000 loss.

B) $320,000 loss.

C) $280,000 loss.

D) $800,000 gain.

E) $760,000 gain.