ABC, a Canadian Corporation (Canadian Dollar functional currency), owns USA, an American based corporation.ABC acquired USA on January 1, 2019.It was deemed that USA is an integrated foreign subsidiary.You were provided with the following relevant information:

Exchange Rates:

January 1, 2019:US $1 = CDN $1.425Average for 2019:US $1 = CDN $1.45December 31, 2019:US $1 = CDN $1.39

Other relevant information included the following information on financial data for USA (all numbers in US $):

• Opening Net monetary position: $50,000
• Opening inventory balance$100,000
• Closing inventory balance:$55,000
• Cost of Sales:$80,000
• Sales$100,000
• Other expenses$13,000
• Dividends$17,000
• "Other expenses" and Sales occurred evenly throughout the year
• Dividends were declared and paid at the end of the year
• Purchases of inventory occurred evenly throughout the year.

Using the table that to guide your answer, calculate the foreign currency exchange gain / loss at the end of 2019.

U.S. DollarsRateCDN DollarsOpening net monetary position - January 1, 2019

Changes - 2019 Sales Purchases Other Expenses Dividends Calculated Monetary Position:Actual Net monetary position, Dec 31, 2019Exchange Gain (loss)2019