7. Cuyahoga Co. purchased merchandise from a supplier in London on 12/15/2021 for 100,000 British pounds Payment is due in British pounds on 1/15/2022, and Cuyahoga has a December 31" year end. The relevant spot rates were as follows 12/15 $ 1.25 = 1 pound 12/31 $ 1.20 = 1 pound 1/15 $ 1.17 = 1 pound What foreign currency gairloss should be recorded in Cuyahoga's 12/31/21 year-end income statement? a $0 b. $8,000 gain c. $ 8,000 loss d. $5,000 gain e $5,000 loss